Macrotech Developers, the listed entity of the Lodha Group, has emerged as the successful bidder for Mumbai-based V Hotels Ltd. V Hotels Ltd is the owner of Tulip Star, a 5-star hotel in the city. The deal between Macrotech Developers and V Hotels Ltd is valued at around Rs 1,000 crore.
V Hotels Ltd was put up for sale by its lenders, Yes Bank and State Bank of India. This decision came after the company defaulted on its loans. Several bidders, including Brookfield Asset Management and Piramal Group, participated in the bidding process. However, Macrotech Developers emerged as the successful bidder. They beat out the other bidders and acquired V Hotels Ltd.
The acquisition of V Hotels is a major coup for Macrotech Developers. The company has been looking to expand its presence in the hospitality sector. The acquisition of Tulip Star will give it a significant foothold in the Mumbai market.
Tulip Star is a 5-star hotel located in the heart of Mumbai. The hotel has 350 rooms and suites, and it also has a number of restaurants, bars, and meeting facilities. The hotel is well-positioned to benefit from the ongoing growth of the hospitality sector in Mumbai
The acquisition of V Hotels is a sign of Macrotech Developers’ continued ambition. The company is one of the leading real estate developers in India. It is looking to expand its presence in a number of different sectors.
