Macrotech Developers emerges top bidder for Mumbai-based V Hotels, ET RealEstate

June 27, 2023

Lodha Group‘s listed entity Macrotech Developers has emerged as the successful bidder for Mumbai-based V Hotels Ltd, owner of Tulip Star, formerly known as Centaur Hotel Juhu.

The Committee of Creditors (CoC) of bankrupt V Hotels has declared the real estate developer as the successful resolution applicant in relation to the Corporate Insolvency Resolution Process (CIRP) of the hospitality company.

V Hotels has real estate assets that can be developed for residential and allied uses, Macrotech Developers said in a regulatory filing.

In May 2002, V Hotels had acquired Centaur Hotel Juhu Beach from Hotel Corporation of India under the Centre’s divestment program.

The hotel has a 6.1-acre land parcel on Juhu Tara Road in Mumbai’s western suburb Vile Parle. The existing development has around 367 keys with restaurants, large banquets, and a small retail component. However, the hotel is currently non-operational.

Separately, Macrotech Developers has also acquired another land parcel spread over 6.80 acres in Mumbai’s central suburb Kanjur Marg from HDFC for ₹70 crore, showed documents accessed through Propstack.

The mortgage lender has sold the land parcel under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

The land parcel in Juhu can be used for redevelopment of any other asset class including residential, commercial, retail, or a combination of these.

  • Published On Jun 27, 2023 at 09:02 AM IST

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