Juniper Hotels Limited has approved the planned acquisition of Novotel Imagicaa, an operational hotel with 287 rooms located in Hopli, Maharashtra state. The seller is Imagicaaworld Entertainment Limited. The total monetary compensation for this deal will be 248 crore rupees.
The company has executed a binding Memorandum of Understanding (MoU) for this transaction, which values the asset at approximately 86 lakh rupees per room.
This hotel is situated on the Mumbai-Pune corridor, near the Imagicaa theme park and water park. The property spans 11 acres and has a total built-up area of about 280,000 square feet. It is equipped with guest rooms, dining areas, banquet halls, and recreational facilities, allowing it to meet demand for leisure, social events, and business travel (MICE).
Arun Kumar Saraf, Chairman and Managing Director of Juniper Hotels Limited, noted that Novotel Imagicaa aligns with the type of assets the company seeks. He emphasized that it is an existing hotel property with scale, a strong attractive location, and multiple demand-generating factors.
Saraf added that the company continues to focus on owning large assets with diversified revenue streams while maintaining financial discipline and a healthy balance sheet.
The acquisition adds an established, income-generating asset to Juniper's portfolio, bypassing the timelines associated with building from scratch. The company also pointed to the potential to immediately expand banquet capacities and rebrand the asset in the upper midscale segment to stimulate long-term revenue growth.
According to Saraf, the company focuses on owning suitable assets in the right markets—large properties capable of generating diverse revenue streams from rooms, food and beverage, MICE, serviced apartments, commercial spaces, and other hospitality offerings.
Currently, Juniper Hotels owns and operates seven luxury and upper midscale hotels with 1,895 rooms, including 245 serviced apartments in key Indian cities. Existing properties include Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur, and Hyatt Place Hampi.