Reliance Industries Acquires Hotel On Upper West Side From Investment Corporation Of Dubai For $98.2M
80 Columbus Circle, New York City, New York 10023, United States
$98,200,000
Building Size
—
Asset Type
Hotel
Closing
Jan 26, 2022
About this deal
AI
Reliance Industries, led by its chairman Mukesh Ambani, has made a significant investment in the Upper West Side of New York City. The conglomerate has acquired a hotel located at 80 Columbus Cir. from the Investment Corporation of Dubai. The property is situated in a prime location in the Upper West Side market.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $98,200,000
- Address: 80 Columbus Cir.
- Market: Upper West Side
This acquisition marks a notable milestone for Reliance Industries, further diversifying their portfolio and expanding their presence in the real estate market. Mukesh Ambani, known as the richest person in Asia with a net worth of approximately $100 billion, played a pivotal role in this transaction. By acquiring this hotel, Reliance Industries solidifies its position as a key player in the hospitality sector.
Note: Mukesh Ambani's acquisition of the hotel demonstrates his commitment to global investments and his continuous pursuit of strategic business opportunities.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93