Mumbai: Macrotech Developers To Build A Luxury Residential Project On Centaur Hotel Land After NCLT's Nod

Mumbai: Lodha Group-owned Macrotech Developers have expressed its happiness over the National Company Law Tribunal (NCLT) giving its okay for acquisition of Centaur Hotel from V Hotel. Macrotech will be developing a luxury residential project on the land.

"It's a 6.1 acre land parcel, situated at a prime location of Juhu right on the beach adjoining JW Marriott Hotel. We are excited on developing luxury residential project on this plot, promising unparalleled living experience and beachfront views," said a spokesperson from Macrotech Developers.

Macrotech Developers will be paying around Rs 890 crore to acquire the hotel property in Juhu. V Hotels, the bankrupt hotel company, had admitted liabilities of over Rs 2,500 crore. Financial lenders of V Hotels had, in June 2023, approved Macrotech’s resolution plan with all voting in its favour.

The Lodha Group company’s resolution plan proposes to pay upfront Rs 78 crore to secured financial creditors of V Hotels. The remaining amount will be paid in two tranches of Rs 405 crore each, on or before 210 days and 270 days from the closing date. V Hotels had acquired Centaur Hotel Juhu Beach from Hotel Corporation of India under the government’s disinvestment programme.

The land is situated on Juhu Tara Road in the western suburbs of Vile Parle. It has around 367 keys with restaurants, large banquets, and a small retail component. However, the hotel is currently non-operational.

The land parcel is stated to be used for redevelopment of any other asset class including residential, commercial, retail, or a combination of these.