75% Interest in NY Mandarin Oriental Sold

Luxury hotel Mandarin Oriental in New York has sold its 75% ownership stake to an affiliate of Reliance Industries Ltd. The iconic hotel takes floors 35 through 54 of the Deutsche Bank Center at Columbus Circle and features 244 rooms, a spa, over 9,000 square feet of meeting space, and a fitness center.
The JLL Hotels & Hospitality team representing the sellers was led by Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen. According to Perez-Alvarado “We are witnessing an increase in luxury hotel transaction volume as investors show preference for must-have assets with New York leading cross border investments into the US” She further added that globally luxury hotels have surpassed $10 billion transactions mark for 2021 & 2022 which is first time since 2015 due to record high pricing & attractive yields.