For the rich, investing in hotels reaps intangible gains

One of the first questions tackled by Charles Allen and Sharada Dwivedi in The Taj at Apollo Bunder, their weighty new history of the hotel, is why JN Tata built it at all. They note the popular story of it being built to avenge the insult of being turned away from a Europeans-only hotel, but point out that while this may well have happened, "it seems far too petty a reason to fire a man of the caliber of JN Tata, who in the past had not hesitated to cross swords with governments and powerful commercial concerns". 

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