Juniper Hotels to Acquire Novotel Imagicaa for Rs 248 Crore

Juniper Hotels Limited has entered into a binding Memorandum of Understanding (MoU) with Imagicaaworld Entertainment Limited to acquire Novotel Imagicaa in Khopoli, Maharashtra, for an aggregate consideration of Rs 248 crore, or approximately Rs 86 lakh per key.

The operating five-star hotel is spread across approximately 11 acres and has 287 rooms. Located next to Imagicaa Theme Park and Water Park, the property has a built-up area of approximately 2,80,000 sq. ft. It includes restaurants, banquet and meeting spaces, a spa and recreational facilities.

The acquisition will expand Juniper Hotels’ presence in the Mumbai-Pune corridor, with the property serving leisure, social, MICE and weekend travel demand. Juniper also plans to assess opportunities to increase the hotel’s banqueting and ballroom capacity, supported by its location near the Imagicaa parks.

The company is also evaluating a potential rebranding of the property into the upper-upscale segment, with the aim of increasing revenue over the long term. As an operating hotel, the property is expected to provide cash flows without the development timeline associated with a greenfield project.

Arun Kumar Saraf, Chairman & Managing Director, Juniper Hotels Limited, said, “At Juniper, our growth journey has always been guided by a simple principle: grow with purpose and create value for the long term. Novotel Imagicaa represents the kind of asset we look for. It is an established hospitality property with scale, a strong destination proposition, and multiple demand generators.”

He added, “Our upcoming developments will significantly expand the company’s scale. We remain focused on owning the ‘Right Assets’ in the right markets, large, capable of generating diversified revenue streams across rooms, F&B, MICE, serviced apartments, commercial spaces and other hospitality offerings. We intend to pursue this growth with capital discipline, strong internal cash generation and a healthy balance sheet, and selectively evaluate acquisition opportunities where we see a compelling strategic fit.”

The proposed acquisition remains subject to definitive agreements, customary closing conditions and applicable statutory, regulatory and other approvals.