Mac Charles (India) Ltd

Mac Charles (India) Limited, incorporated in September 1979, had established its hotel in collaboration with Holiday Inn, a division of Bass, UK. The hotel was promoted by C B Pradhanani, an NRI tycoon from Dubai. The five-star hotel made a soft opening in November, 1986.

In the next two years, the facilities gradually became functional and the hotel additives were in full swing. Failure to achieve planned business volumes, coupled with huge interest burden, sent it into the red. After a long downturn, there was a change in the Company's Fortunes in 1993-94.

Presently, the Company is engaged in the ownership and management of commercial real estate assets, wind energy generation, and real estate development activities. The Company has historically operated as a hospitality and commercial real estate asset owner and has expanded its objects to include real estate development in line with its long-term value creation strategy.

The Company's flagship commercial asset, Embassy Zenith in Bengaluru, is a fully leased Grade A office building having the long-term strategic holding. The Company operates wind turbine generators (WTGs) and sale of electricity to GESCOM, HESCOM and third-party consumers.

The company has not spent much money on hotel renovation and refurbication and it may spend Rs 2-3 Crore on the entire renovation and refurbication as the Holiday Inn collaboration is nearing expiry and the Holiday Inn group will not renew it unless the hotel is totally renovated and refurbished.

In 2003-04, the Company has dis-invested in Vaswani Properties Private Ltd and in Vaswani Investments and Holdings Private Ltd.

M/s. Starwood Hotels & Resorts, USA acquired Le Meridien Group of Hotels worldwide, in 2005-06. The Company invested 100% share capital in Messrs. Nedstar Hotels Private Limited effective on 18 June, 2010.

M/s. Starwood Hotels & Resorts, USA acquired Le Meridien Group of Hotels worldwide, in 2005-06. The Company invested 100% share cap