Indian real estate company Macrotech Developers has emerged as the successful bidder for V Hotels, the Economic Times reports.

The company has been declared as the successful resolution applicant with regard to the Corporate Insolvency Resolution Process of the hospitality company, by the Committee of Creditors of the bankrupted V Hotels.

V Hotels acquired the Centaur Hotel Juhu Beach, which is now called Tulip Star, from the Hotel Corporation of India under the Divestment Programme of the Central Government of India in May 2002.

V Hotels, which is now not operational, spans over 6.1 acres of land on Juhu Tara Road in the western suburb of Vile Parle in Mumbai.

It features approximately 367 keys, along with large banquets, restaurants and a small retail component.

Under the new Mumbai master plan 2034 DCR rules, the hotel can be redeveloped into any other asset class, including residential, commercial or retail.

V Hotels also owns 11 residential apartments in the western suburbs of Mumbai.

In a separate development, Macrotech Developers has also bought another over a 6.8-acre land parcel in the central suburb Kanjur Marg, Mumbai from HDFC for Rs.700m ($8.53m).

The land parcel was sold under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It can be used for the redevelopment of any asset including commercial, residential, retail, or any combination of these.