Juniper Hotels Ltd has approved the proposed acquisition of Novotel Imagicaa in Khopoli, Maharashtra, for ₹248 crore from Imagicaaworld Entertainment Ltd.
The acquisition will add a 287-room operating hotel to Juniper Hotels’ portfolio. The property is spread across approximately 11 acres and has a built-up area of around 2.8 lakh sq ft, with restaurants, banquet and meeting facilities, recreational amenities and other hotel infrastructure.
Located in the Mumbai-Pune corridor and adjacent to the Imagicaa theme park and water park, the hotel caters to leisure, social and MICE (meetings, incentives, conferences and exhibitions) demand.
The transaction values the hotel at approximately ₹86 lakh per key and will be funded through cash consideration. Juniper Hotels said the acquisition is aimed at adding an established operating asset and expanding its presence in the Mumbai-Pune hospitality market.
The company also sees potential to rebrand the property into the upper-upscale segment and add incremental banqueting and ballroom capacity. Juniper plans to leverage its asset management and hospitality expertise to improve the property’s long-term performance.
The acquisition is expected to be completed on or before March 31, 2027, subject to execution of definitive agreements, fulfilment of conditions precedent and receipt of required approvals.
Juniper Hotels currently owns and operates seven hotels comprising 1,895 keys, including 245 serviced apartments. Its portfolio includes Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur and Hyatt Place Hampi.