Shalini Palace standing on the west bank of picturesque Rankala Lake was built on 1932-44. It is named after Princess Shrimant Shalini Raje of Kolhapur. Towering palm trees, lush greenery and lovely gardens surround it. The palace is built of intricately carved black stone and Italian marble. Rich decorative wooden doorways fitted with etched Belgium glass panels bearing the crest of the Maharaja of the Kolhapur add to the regal grandeur. The majestic black stone arches forming the verandah and the porch are breathtaking beautiful. In 1987 it was converted into a hotel, it being the only heritage of Maharashtra.