Mac Charles (India) entered into a partnership with Holiday Inn, a division of Bass, UK, to establish its hotel. C.B. Pradhanani, a prominent NRI businessman from Dubai, spearheaded the promotion of the five-star establishment, which had a soft opening in November 1986.
Over the following two years, the hotel's amenities gradually became operational, and its services were fully operational. However, the inability to achieve projected business volumes, coupled with a significant interest burden, led to financial losses. Following a prolonged period of decline, the company's fortunes began to improve in 1993-94.
With the collaboration with Holiday Inn nearing its expiration and the group indicating no intention to renew unless extensive renovation and refurbishment occur, the company plans to allocate Rs 2-3 crore for the entire renovation and refurbishment process.
In 2003-04, the company divested from Vaswani Properties Private Ltd and Vaswani Investments and Holdings Private Ltd.
Over the following two years, the hotel's amenities gradually became operational, and its services were fully operational. However, the inability to achieve projected business volumes, coupled with a significant interest burden, led to financial losses. Following a prolonged period of decline, the company's fortunes began to improve in 1993-94.
With the collaboration with Holiday Inn nearing its expiration and the group indicating no intention to renew unless extensive renovation and refurbishment occur, the company plans to allocate Rs 2-3 crore for the entire renovation and refurbishment process.
In 2003-04, the company divested from Vaswani Properties Private Ltd and Vaswani Investments and Holdings Private Ltd.
