Asia's richest man is buying the Mandarin Oriental in New York for $98 million

Asia's biggest billionaire, Mukesh Ambani, has snapped up a controlling stake in the Mandarin Oriental in New York City for just over $98 million.

Hong Kong Asia's biggest billionaire, Mukesh Ambani, has snapped up a controlling stake in the Mandarin Oriental in New York City for just over $98 million.

Ambani's conglomerate, Reliance Industries, announced Saturday the acquisition of the hotel's parent company, a Cayman Islands-based firm controlled by the Investment Corporation of Dubai. That company indirectly holds a 73.4% stake in the property.The deal is expected to close by the end of March. Reliance said that it would plan to acquire the remaining stake based on the same valuation if the hotel's other owners choose to also sell their shares.

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