News release

JLL completes partial interest sale on behalf of the sellers of the Mandarin Oriental, New York

JLL Hotels & Hospitality, as exclusive advisors to the sellers, completes the sale of the luxury, five-star hotel to Reliance Industries from India

May 17, 2023

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

NEW YORK, May, 17, 2023 – JLL Hotels & Hospitality announced today that the sale of a 75% interest in the Mandarin Oriental, New York, to affiliates of Reliance Industries Ltd. has been completed. JLL represented the sellers in the sale of their ownership stake.

The 244-room Mandarin Oriental, New York, opened in 2003, and is positioned as one of the most iconic, luxury hotels in New York City. The property occupies floors 35 through 54 of the renowned Deutsche Bank Center at Columbus Circle, and features the MO Lounge, over 9,000 square-feet of meeting space, one of three Forbes Five-Star spas in Manhattan, and a state-of-the-art fitness center with an indoor 75-foot lap pool.

The JLL Hotels & Hospitality team representing the sellers was led by Gilda Perez-Alvarado, Global CEO, Jeffrey Davis, Senior Managing Director and Head of US Investment Sales, and Stephany Chen, Executive Vice President.

“We are seeing a rise in luxury hotel transaction volume as investors gravitate towards must-have, irreplaceable trophy assets, with New York leading the way in terms of cross-border investments into the US”, said Perez-Alvarado. “Globally, luxury hotel transaction volume surpassed $10 billion in both 2021 and 2022 for the first time since 2015, underpinned by record-high pricing and attractive yields.”

“New York led all urban markets in Q1 2023 luxury transaction volume underpinned by strong fundamental performance,” added Davis. “Additionally, New York luxury RevPAR reached its highest Q1 level in the market’s history as the market continues to exceed prior ADR thresholds.”

According to JLL’s Global Luxury Research report, traveller demand for luxury hotels will continue to remain elevated throughout 2023 and beyond, which will correlate with investor demand and luxury hotel rates.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit