Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) is buying a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, for close to $100 million.

Reliance said in a stock exchange filing on Saturday its industrial investments subsidiary will acquire Cayman Islands-based Columbus Centre Corp that owns the hotel for an equity value of approximately $98.15 million.

The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37% stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would expand its consumer and hospitality  businesses.

The transaction is expected to be closed by the end of March 2022, RIL said.

It added that in the event other owners of the hotel choose to participate in the transaction, its subsidiary would acquire the remaining 26.63% stake, based on the same valuation used for the acquisition of the indirect 73.37% stake.