Reliance to acquire a 73.37% stake in Mandarin Oriental New York for $98m.

Reliance, a petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber manufacturer, agreed to acquire a 73.37% stake in Mandarin Oriental New York, a premium luxury hotel, for $98m. The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.