The Mandarin Oriental is not the first New York hotel to be sold at a significant discount following two challenging pandemic fiscal years. This weekend, the starting price for rooms was over $700 per night.Ĭheck out time for a family leaving the Mandarin Oriental at Columbus Circle this weekend. The Financial Times reports that the Mandarin Oriental Hotel Group retained a 25 percent stake and continues to manage the hotel. The transaction values Mandarin Oriental New York at just over $133 million. Reliance Industries, which is owned by billionaire entrepreneur Mukesh Ambani, purchased a 73.37% stake in the hotel, expanding their recent hospitality-focused investments - including the Oberoi Hotel Group in the UAE, Stoke Park in the UK and the BKC convention center, hotel, and residences in Mumbai. While the hotel reported $115 million in revenue in 2018 and $113 million in 2019, the Mandarin generated just $15 million in 2020. Previously valued at as much as $340 million (as reported by the New York Post), the Mandarin Oriental suffered extensive losses over the course of its closure at the height of the pandemic (the hotel reopened in April 2021). The five-star, 248-room hotel which opened in 2003 at the southwest corner of Central Park includes private residences, a high-floor restaurant and lounge overlooking Columbus Circle, and a 14,000-square-foot spa. The change of ownership at the Mandarin Oriental came at a discounted price. Three room limit per Cardmember, per stay.In another sign of COVID-19’s bludgeoning impact on the hospitality industry, Columbus Circle’s Mandarin Oriental Hotel has sold a controlling stake for a discounted $98 million to Indian multinational conglomerate Reliance Industries Limited, reports The Indian Express. Limit one benefit package per room, per stay. Benefits and additional Fine Hotels + Resorts promotions are only applied at check-out and expire at check-out. Benefit restrictions vary by Fine Hotels + Resorts property and cannot be redeemed for cash, and may not be combined with other offers unless indicated. The credit will be issued on the Cardmembers final bill upon check-out. In the case where a property includes cost of Wi‑Fi in a mandatory resort fee, the Cardmember will receive a daily credit from the property in the standard amount that the property charges for Wi‑Fi. Complimentary In-Room Wi‑Fi is provided and Wi‑Fi will be provided in a common space on property. Breakfast amenity varies by property, but will be, at a minimum, a Continental breakfast. Certain room categories are not eligible for room upgrade call Platinum Travel service or Centurion Travel service for details. Noon check-in and room upgrade are based on availability and are provided at check-in. Cardmember must travel on itinerary booked to be eligible for benefits described. Available for Platinum Charge Cardmembers and Centurion ® Members only, and excludes Platinum Credit Cardmembers who are not also Platinum Charge Cardmembers. Payment must be made in full with an American Express Card in the Platinum Card Member and Centurion Member's or Centurion ® Member's name. Valid only for new Fine Hotels + Resorts bookings made through Platinum Travel service, Centurion Travel service, American Express Travel Online (where available) or any American Express Travel location.
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