Juniper Hotels proposes acquisition of Novotel Imagicaa for Rs 248 crore

Juniper Hotels has announced the proposed acquisition of an operating hotel, Novotel Imagicaa from Imagicaaworld Entertainment for an aggregate consideration of Rs 248 crore at approximately Rs 86 lakh per key.

Spread across approximately 11 acres in Khopoli, Maharashtra, Novotel Imagicaa is strategically located near the economic centres of Mumbai and Pune, with the airport accessible within a two-hour drive. The hotel sits adjacent to the Imagicaa Theme Park and Water Park.

Spanning a built-up area of approximately 2,80,000 square feet, the hotel offers 287 well-appointed guest rooms complemented by a curated selection of restaurants, versatile banquet and meeting venues, spa and recreational facilities.

The acquisition advances Juniper's long-term objective of building a portfolio of large, high-quality hotels in India's most compelling business and leisure destinations.

Arun Kumar Saraf, chairman & managing director, Juniper Hotels, said: "At Juniper, our growth journey has always been guided by a simple principle: grow with purpose and create value for the long term.