|
Le Meridien promoters divest 39.67% stake
Our Corporate Bureau
Mumbai, Jan 7: The promoters of Le Meridien Hotels and Resorts at Pune, Bramha Bazaz Hotels Ltd, have divested 39.67 per cent stake in favour of Mac Charles India Ltd. MCIL, promoted by an NRI, CB Pardhanani, will be investing Rs 19.20 crore to acquire the divested stake, a Le Meridien release said. The promoters of Bramha Bazaz Hotels, Mr SK Agrawal and Mr VK Gupta along with the hotel itself were in financial difficulties and hence, have divested their shareholding, the release said.MCIL - which is now the single largest shareholder in Bramha Bazaz Hotels Ltd, Pune - currently operates a Le Meridien at Bangalore. The hunt for a strategic financial partner for the Pune hotel, built at a cost of Rs 80 crore with 176-rooms and five restaurants, was on for quite some time and the search has finally been materialised. The Pune hotel, which began its operations in March 1999, faced low occupancy levels and unattractive room rates which called on for further investment, industry sources said. Despite the upswing in the hotel business during the current year, the dark clouds engulfed over the Le Meridien Pune could not be cleared. Le Meriden Pune currently has an occupancy of 80 to 90 rooms out of the total 171 rooms and plans are afoot to improve the occupancy by special promotions, sources said. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
|
