Asia's richest man is set to purchase what's described as an "iconic" New York business.

Mukesh Ambani, the richest man in Asia, purchased a controlling stake in the Mandarin Oriental in New York City, CNN reports. The mega-billionaire purchased the hotal for $98 million.

The deal should close in March. The Mandarin Oriental is called by CNN an "iconic hotel."

Google
Google
loading...

It's located near Central Park and overlooks Columbus Circle.

Google
Google
loading...

Financial experts believe Ambani received a steal of a deal. In 2007 the hotel was valued at over $340 million.

The Prince Of Wales And Duchess Of Cornwall Visit India - Day 4
Getty Images
loading...

The COVID pandemic is to blame for the decrease in price. The hotel made just $15 million in 2020 after making $113 million in 2019 and $115 million in 2018.

BP Announce New Partnership With Reliance Industries
Getty Images
loading...

Ambani runs Reliance Industries which does business in energy, tech and retail. While announcing the purchase of the hotel the company stated it wants to increase its "consumer and hospitality footprint."

KEEP READING: See the richest person in every state

These 104 Hudson Valley Towns Won't Sell Recreational Marijuana

Hudson Valley Towns Allowing the Sale of Marijuana

The following towns have voted to allow the sale of marijuana. This list is complete as of December 23, 2021. Municipalities have until 12/31 to finalize their decisions.

Snowfall Totals For Friday's Storm Across New York

Despite not much snow in the forecast, a number of local residents actually dealt with over one foot of "surprise" snow.

Winter Travel Tips in New York

Sneak Peek: World Class Axe Throwing Bar Coming to Hudson Valley, New York

Everything You Need To Know About New York's New Mask Rule

Where In The Hudson Valley To Find A COVID Test

Omicron Variant Dominating New York, Signs You May Have COVID

New York ER Doctor Shares Shocking COVID Observations

A New York doctor breaks down how COVID affects the vaccinated, unvaccinated and boosted Empire State residents. 

Hudson Valley Deli, Bakery & Café Forced To Close in New York

Food the Year You Were Born

LOOK: Food history from the year you were born

From product innovations to major recalls, Stacker researched what happened in food history every year since 1921, according to news and government sources.
 

The 26 Most Dangerous Counties in New York State

LOOK: Food history from the year you were born

From product innovations to major recalls, Stacker researched what happened in food history every year since 1921, according to news and government sources.
 

'Today'Star Enjoys Birthday in Hudson Valley With New York Celebs

New York Unveils New COVID Plan To Save Lives, Prevent Illness

New York State issued a number of new ideas in hopes of slowing the spread of COVID during the "Winter Surge."

How Much Do You Have To Make To Be Middle Class in New York?

20 Richest New York Zipcodes

Many New York Pizzerias Among Top 20 in America

17 New Laws in New York You Should Know

The New Year brings with it a host of new laws for Empire State residents. Here are nearly 20 that may impact you in 2022. 

Richest Towns in Each State

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

Over 50 New York Pizzerias Ranked by Barstool's Dave Portnoy

When it comes to amazing pizza you don't have to leave New York State. But where can you find the best slice?

20 Worst Places to Live in New York State

A list highlights the worst places a New York resident can call home. A number of places in the Hudson Valley made the list, including one that was ranked the worst place to live.

Barstool's Dave Portnoy Finally Reviews Pizza From Mid-Hudson Valley

Barstool's Dave Portnoy finally came to the Mid-Hudson Region to give a "One Bite Review" on what he was told is "great pizza" from the Mid-Hudson Valley. 

Potential Cancer-Causing Chemicals Found in New York Drinking Water

15 New York Towns Among Safest in America

Top 5 Best Places to Live in New York

carbongallery id="61a789b8ec80de256e553fbe" layout="list" title="Nearly a Dozen New York Supermarkets Forced to Close"]

Photos: Fire in Hudson Valley Destroys Historic New York Resort

Over 1 Foot of Surprise Snow Shocks Parts of Hudson Valley, New York State

Despite not much snow in the forecast, a number of local residents actually dealt with over one foot of "surprise" snow.

Bill Murray Stuns New York Fans By Showing Up At West Point

Unacceptable New York Roads Costing Drivers Insane Amount of Money

A study found a shocking amount of "unacceptable" roads in New York are costing residents a ton of money each year. The good news, that may change. Here's why.

40 High-Risk Hudson Valley Sex Offenders Recently Moved in New York State

Over 50 New York Pizzerias Ranked by Barstool's Dave Portnoy

When it comes to amazing pizza you don't have to leave New York State. But where can you find the best slice?

20 Worst Places to Live in New York State

A list highlights the worst places a New York resident can call home. A number of places in the Hudson Valley made the list, including one that was ranked the worst place to live.

Barstool's Dave Portnoy Finally Reviews Pizza From Mid-Hudson Valley

Barstool's Dave Portnoy finally came to the Mid-Hudson Region to give a "One Bite Review" on what he was told is "great pizza" from the Mid-Hudson Valley. 

Potential Cancer-Causing Chemicals Found in New York Drinking Water

The 26 Most Dangerous Counties in New York State

15 New York Towns Among Safest in America

Top 5 Best Places to Live in New York

Hudson Valley Says Goodbye To Over 80 Businesses

Nearly 70 Children Have Recently Gone Missing From New York State

Counties in New York With Most Vehicle vs. Animal Crashes

Over 30 Red Flags For Anyone Who Claims To Live in Hudson Valley, NY

Hudson Valley Welcomes Nearly 70 New Eateries

We've reported on many restaurant closings, now it's time to highlight nearly 70 businesses that have recently opened in the Hudson Valley.

5 New York Schools Districts Ranked in Top 10 in America

More From Hudson Valley Post