Juniper Hotels to Acquire Novotel Imagicaa in 248 Cr Deal

Juniper Hotels signs an MoU to acquire 287-key Novotel Imagicaa in Khopoli for ₹248 crore, adding an operating hospitality asset and exploring its repositioning in the upper-upscale segment.

Juniper Hotels has signed a binding memorandum of understanding (MoU) with Imagicaaworld Entertainment to acquire the operating Novotel Imagicaa hotel in Khopoli, Maharashtra, for an aggregate consideration of ₹248 crore. The transaction values the property at approximately ₹86 lakh per key. 

Located along the Mumbai-Pune corridor, the hotel is spread across approximately 11 acres and has a built-up area of around 2.8 lakh square feet. The property comprises 287 guest rooms, along with restaurants, banquet and meeting facilities, spa and recreational amenities.

Also Read: Rise of Premium & Luxury Housing: Above INR 1 Crore

Situated next to the Imagicaa Theme Park and Water Park, Novotel Imagicaa has access to both Mumbai and Pune markets. Juniper Hotels says the property's location provides opportunities to serve leisure, social and Meetings, Incentives, Conferences and Exhibitions (MICE) demand.

The acquisition would add an established operating property to Juniper Hotels' portfolio, allowing the company to expand without the development timeline associated with a greenfield hotel project. The company also identifies opportunities to increase banqueting and ballroom capacity, particularly to support social and MICE demand generated by the adjacent entertainment parks.

Juniper Hotels is also evaluating the possibility of repositioning and rebranding the property in the upper-upscale segment. The company expects this strategy to create opportunities for higher revenues over the longer term while expanding its presence in the Mumbai-Pune hospitality market.

Arun Kumar Saraf, Chairman and Managing Director, Juniper Hotels, says the property fits the company's focus on established hospitality assets with scale, a strong destination proposition and multiple demand generators. He adds that the company remains focused on assets capable of generating diversified revenue across rooms, food and beverage, MICE and other hospitality offerings.

Also Read: Indian Homes Shift Toward Smart, Sustainable Living

Juniper Hotels currently owns and operates seven luxury and upper-upscale hotels comprising 1,895 keys, including serviced apartments. The proposed acquisition would further expand its operating portfolio.

The completion of the transaction remains subject to definitive agreements, customary closing conditions and required statutory, regulatory and other approvals. The acquisition is expected to be completed on or before March 31, 2027, based on information currently available.