Mukesh Ambani’s company, Reliance Industrial Investments and Holdings, wasted no time in the new year, making significant investments in the delivery app Dunzo and acquiring a luxurious hotel. The latter purchase puts Ambani in direct competition with Tata, and the battle is set to take place on foreign land. Here are the details about the lavish acquisition made by Reliance Industries and Holdings.

The Mandarin Oriental Hotel was acquired by Reliance for $98.15 million, giving the company a 73.37% stake in the property. Additionally, Reliance will take on the hotel’s debt, which exceeds $115 million, bringing the total value of the deal to approximately $270 million (nearly Rs 2000 crores).

Located in Columbus Circle, the hotel has 248 rooms and suites, with views of Central Park and the Manhattan skyline. The hotel offers many luxurious amenities, such as the MO Lounge, the Mandarin Oriental Spa, and a fitness center with a lap pool. The location of the hotel puts it in close proximity to various dining, shopping, and entertainment options, including the Broadway Theater District, Lincoln Center, Jazz at Lincoln Center, and The Shops at Columbus Circle’s luxury retail stores and restaurants.

The Mandarin Oriental Hotel is an iconic lodging establishment, frequented by Hollywood celebrities and hedge fund billionaires. Interestingly, this acquisition comes less than a year after Mukesh Ambani’s purchase of Stoke Park for Rs 592 crore. The hotel’s proximity to the Pierre, owned by Tata Group’s Indian Hotels, makes competition between the two establishments inevitable. The two properties have been competitors for as long as anyone can remember.