NCLT Approves Macrotech Developers' Acquisition of V Hotels in Mumbai

NCLT Approves Macrotech Developers' Acquisition of V Hotels in Mumbai

By Nishang Narayan

Published on May 3, 2024

The National Company Law Tribunal (NCLT) has given the green light for Macrotech Developers, owned by Lodha Group, to acquire the assets of V Hotels, the company behind the renowned Tulip Star Hotel, formerly known as Centaur Hotel. The property, situated in the affluent Juhu area of Mumbai, was acquired for approximately INR 890 crore.

This approval marks a significant development in the resolution of V Hotels' bankruptcy proceedings, where the hotel entity reported liabilities exceeding INR 2,500 crore. Macrotech's resolution plan, favored unanimously by financial lenders in June 2023, involves an upfront payment of INR 78 crore to secured financial creditors, with the remainder to be settled in two subsequent payments.

The strategic location of the Tulip Star Hotel, along with its historical significance, made it a highly sought-after asset, attracting bids from major players like Oberoi Realty and K Raheja Corp, among others. According to Ashish Pyasi, partner at Aendri Legal, "The prime location significantly enhanced the property's appeal, drawing considerable interest from potential bidders."

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Located on a 6.1-acre land parcel in Vile Parle, the non-operational hotel includes 367 keys, restaurants, and banquet facilities, with potential for redevelopment into residential, commercial, or retail spaces. Additionally, V Hotels holds ownership of 11 residential apartments in Mumbai's western suburbs.

The insolvency proceedings for Tulip Star Hotels began in 2019, underwent various legal challenges, and saw significant developments, including a Supreme Court decision in August 2022 that ultimately reinstated the NCLT's resolution process. With 68 claims totaling over INR 9,621 crore filed under this process, the acquisition by Macrotech Developers marks a pivotal resolution in the protracted legal and financial saga surrounding this iconic property.


ITC Hotels Unveils Storii Narindera Orchards, Kufri: A Soulful Mountain Retreat

ITC Hotels Unveils Storii Narindera Orchards, Kufri: A Soulful Mountain Retreat

By Hariharan U

Published on October 22, 2025

ITC Hotels has expanded its premium Storii brand with the launch of Storii Narindera Orchards, Kufri, an experiential mountain retreat set amidst apple orchards with stunning views of the Dhauladhar ranges. The property blends the natural beauty of the Shimla Hills with refined hospitality, offering guests an immersive, soulful escape.

Storii Kufri features elegantly appointed rooms overlooking the valley, a spa with curated wellness experiences, and multiple dining options. Guests can indulge in Himachali delicacies and global cuisine at Daran Valley, enjoy open-air terrace dining with light bites and handcrafted beverages at Café Mehral, relax with teas and desserts at Baag View, or savour premium cocktails at Raspippin Bar. The Baghal Room serves as the signature banquet space, ideal for weddings, corporate retreats, and social gatherings.

“ITC Hotels Limited has a very strong presence in Himachal Pradesh and with the addition of Storii Narindera Orchards, Kufri, we further strengthen our footprint in the state. The property is inspired by the region’s rich heritage and culture, celebrating local artistry thoughtfully blended with contemporary comforts,” said Anil Chadha, Managing Director, ITC Hotels Limited.

“Our dream was to create more than a hotel, we envisaged a destination that reflects the essence of Shimla Hills. We welcome guests to discover not just a stay, but a story that celebrates the region and the spirit of true hospitality,” said Udayvir Singh Punta, Owner of Storii Narindera Orchards, Kufri.

Visitors can enjoy orchard walks, curated treks, bonfire evenings, and wellness treatments at the spa and salon. Located just a short drive from Shimla, the retreat is positioned as a premier choice for leisure getaways, corporate retreats, and destination weddings.

With Storii Narindera Orchards, Kufri, ITC Hotels continues to expand its portfolio of premium experiential destinations, combining regional authenticity with modern luxury.

If you want, I can also draft a shorter social media-friendly version highlighting the scenic location, wellness offerings, and curated dining at Storii Kufri.


Lemon Tree Hotels Expands in Maharashtra with New Resort in Mahabaleshwar

Lemon Tree Hotels Expands in Maharashtra with New Resort in Mahabaleshwar

By Hariharan U

Published on October 22, 2025

Lemon Tree Hotels Limited has announced the signing of its newest property, Lemon Tree Resort, Saj by the Mountain, Mahabaleshwar. The resort will be managed by Carnation Hotels Private Limited, the management arm and a wholly-owned subsidiary of Lemon Tree Hotels Limited.

This signing marks an important milestone in the brand’s expansion across Maharashtra, further strengthening its leisure and resort portfolio. Known for offering vibrant, comfortable, and value-driven stays, Lemon Tree continues to attract both business and leisure travellers across India.

The upcoming Lemon Tree Resort, Saj by the Mountain will feature:

  • 78 well-appointed rooms offering scenic views

  • A restaurant and a bar serving curated local and global cuisines

  • A banquet hall for events and celebrations

  • A swimming pool and spa for recreation and relaxation

Speaking on the signing, Vilas Pawar, CEO – Managed & Franchise Business, Lemon Tree Hotels, said, “With this signing, we will expand our leisure portfolio in Maharashtra, a state where we currently have 15 operational and 11 upcoming properties, in addition to this one. While growing our footprint across cities of all tiers, this partnership aligns perfectly with our vision of offering refreshing and comfortable stays across all destinations.”

The addition of the Mahabaleshwar resort highlights Lemon Tree’s strategic focus on premium leisure destinations, complementing its strong city presence. As the travel and tourism landscape continues to evolve, the brand aims to deliver distinctive experiences rooted in comfort, warmth, and value.


Sheraton Hyderabad Relaunches Jade Ballroom After Extensive Redesign

Sheraton Hyderabad Relaunches Jade Ballroom After Extensive Redesign

By Hariharan U

Published on October 21, 2025

Sheraton Hyderabad Hotel has announced the relaunch of its signature banquet space, the Jade Ballroom following an extensive redesign. The transformed venue combines contemporary elegance with the city’s cultural heritage, setting a new benchmark for events and celebrations in Hyderabad.

Speaking about the relaunch, Subhankar Bose, General Manager, Sheraton Hyderabad Hotel, said, “The relaunch of Jade Ballroom represents our commitment to offering Hyderabad an exceptional venue that honours tradition while embracing innovation. This space is designed to create magical moments for our guests — whether they are celebrating life’s milestones or hosting distinguished business events.”

The reimagined Jade Ballroom now offers 4,500 sq. ft. of flexible, pillarless meeting space, complemented by a 2,500 sq. ft. pre-function area. With a total capacity of up to 600 guests, it ranks among Hyderabad’s largest and most adaptable event venues.

Designed for versatility, the ballroom’s column-free architecture ensures unobstructed sightlines, allowing seamless transitions between intimate gatherings and grand celebrations. The space can also be divided into Jade 1 and Jade 2, offering flexibility for simultaneous events or customized layouts.

The enhanced pre-function area, ideal for cocktail receptions, networking sessions, or registration zones, features independent access for added exclusivity. State-of-the-art audio-visual systems and advanced lighting technology have also been integrated, ensuring every event is executed with sophistication and precision.

With its blend of timeless design, modern technology, and spacious versatility, the new Jade Ballroom reaffirms Sheraton Hyderabad’s position as a premier destination for weddings, social celebrations, and corporate events in the city.

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