Realty developer Macrotech Developers has emerged as the successful bidder for Mumbai-based V Hotels, a hospitality company owned by Tulip Star.

V Hotels, which has real estate assets for residential and allied uses, acquired Centaur Hotel Juhu Beach from the Hotel Corporation of India (HCI) under the Centre's divestment program in May, 2002.

The hotel spans over a 6.1-acre land parcel on Juhu Tara Road in the western suburb of Vile Parle in Mumbai, and has about 367 keys, including restaurants, large banquets, and a small retail component. It can also be used to redevelop assets such as residential, commercial, retail, or any other combination. Moreover, the hotel is currently non-operational.

In addition, Macrotech Developers has also acquired another land parcel measuring over 6.80 acres in Kanjur Marg, Mumbai from HDFC at Rs 70 crore.

Currently, V Hotels is undergoing a corporate insolvency resolution process (CIRP).