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."

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

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

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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.

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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."

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