The Dutch-Indian Rattan Chadha sells luxury boutique hotel chain CitizenM
/s3/static.nrc.nl/images/gn4/data131611185-de1617.jpg "The Dutch-Indian Rattan Chadha sells luxury boutique hotel chain CitizenM")
For many, the name Rattan Chadha (1949) will not ring a bell right away. Whoever finds Chadha Googlet a wealthy entrepreneur who is in the Quote 500, has three adult children and an art collection of nine hundred works. He seems to have everything and that has never been different. Chadha, born in India, had never seen a kitchen inside as the youngest child from a rich Indian family, he once said, and has always had a big hanging business and adventure: « I worked seven days a week and was always traveling. »
This gave him the idea of lifting from New Delhi to the Netherlands in 1971. As a real hippie with ponytail and a thousand guilders in his pocket, he moved to Voorschoten in South Holland. From there he started importing clothing from India, which he sold to department stores. In the 1980s, Chadha did this from his own brands Mustache and Emanuelle, which he brought together in 1986 under the Mexx label.
Until the sale of the majority interests worth 264 million US dollars to the US Liz Claiborne in 2001, Mexx counted 50 branches worldwide and a clothing production of 40 million pieces. The role as CEO at this company fulfilled Chadha until 2006. In 2004 he received the prestigious Grand Seigneur fashion prize, for his vision, courage and sense of organization and marketing. Thomas Grote, who took over the baton from him at the time, stated that with Chadha « also the spirit of Mexx » disappeared. After his departure, Chadha mainly focused on his Private Equity Company KRC Capital BV, which he founded in 1991 and invested in fashion, hotels and moving good.
Is money his only motivation?
Certainly not. Chadha only does things that he has passion for. « If you don’t have a passion, not a goal, then life is not worth being lived, » he said in 2016 in de Volkskrant. With this conviction, Chadha founded Michael Levie hotel chain CitizenM in 2006 and became chairman of the board. This boutique chain had to distinguish itself from traditional hotels and focus on a new generation of traveling businessmen who want affordable luxury. The hotels are decorated with « everything that travelers need and with nothing they don’t need, » said Chadha at the time. That means: smart technology, efficient design, no traditional lobby and attention to comfort and style. CitizenM currently has nearly forty hotels, spread over world cities such as New York, London and Shanghai. Four of them are in the Netherlands: two in Amsterdam, one in the heart of Rotterdam and one at Schiphol.
And now?
After selling to Marriott last week for at least 355 million dollars – which can still go up to 465 million – the real estate and management will remain in possession of CitizenM. This amount is considerably lower than the 4 billion euros on which the chain was estimated last year. Yet Chadha remains positive: « I foresee that this collaboration will considerably increase the global presence and brand impact of CitizenM. »
If you think this is the perfect moment for Chadha to retire, then you are wrong. He has absolutely not had his hunger for more hunger for more and he has absolutely not plans to retire. In an interview with the FD last year, Chadha announced that retirement is even his greatest fear: « That is the same for me as dying. »
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