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Juniper Hotels signs MoU to acquire Novotel Imagicaa in ₹248 crore deal
The 287-key hotel in Khopoli, located beside Imagicaa's theme and water parks, will add an operating, cash-generating property to Juniper Hotels' hotel portfolio
Juniper Hotels Limited has approved the proposed acquisition of Novotel Imagicaa, an operating 287-key hotel in Khopoli, Maharashtra, from Imagicaaworld Entertainment Limited for an aggregate cash consideration of ₹248 crore.
The hospitality firm has entered into a binding memorandum of understanding (MoU) for the transaction, which values the asset at approximately ₹86 lakh per key.
Located in the Mumbai-Pune corridor, adjacent to the Imagicaa Theme Park and Water Park, the 287-key hotel covers 11 acres and has a built-up area of about 280,000 sq ft. The property features guest rooms, dining options, banquet venues and recreational facilities, positioning it to capture leisure, social and meetings, incentives, conferences and exhibitions (MICE) demand.
“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,” said Arun Kumar Saraf, chairman and managing director of Juniper Hotels Limited. He added that the company remained focused on owning large, revenue-diversified assets while maintaining capital discipline and a healthy balance sheet.
The acquisition adds an established, cash-generating asset to Juniper’s portfolio without greenfield development lead times. The company also highlighted the potential to immediately expand banqueting capacity and rebrand the asset in the upper-upscale segment to drive long-term revenue growth.
“We remain focused on owning the right assets in the right markets, large, capable of generating diversified revenue streams across rooms, food and beverage, MICE, serviced apartments, commercial spaces and other hospitality offerings,” said Saraf.
Juniper Hotels currently owns and operates seven luxury and upper-upscale hotels comprising 1,895 keys, including 245 serviced apartments across key gateway cities in India. Its existing portfolio includes Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur and Hyatt Place Hampi.