Juniper Hotels announces Proposed Acquisition of Novotel Imagicaa for Rs 248 Crore

Juniper Hotels Limited, one of India’s leading luxury hotel development and ownership companies, has announced the proposed acquisition of an operating hotel, Novotel Imagicaa, from Imagicaaworld Entertainment Limited (formerly known as Adlabs Entertainment Limited) for an aggregate consideration of ₹248 crore at approximately ₹86 lakh per key, subject to the terms and conditions of the definitive agreements

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 sq. ft., the hotel offers 287 well-appointed guest rooms complemented by a curated selection of restaurants, versatile banquet and meeting venues, spa and recreational facilities. It has established a distinct niche in the leisure and social segments, reinforcing the asset’s standing as a complete family holiday destination.

Strategic Rationale

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.

The transaction offers several strategic advantages, including:

1. Novotel Imagicaa is one of India’s largest big-box leisure hotels. The acquisition will result in the addition of an established, operating 287-key hotel expected to generate stable cash flows from day one, without any lead time of greenfield development; 
2. Strategic presence in the Mumbai–Pune corridor catering to leisure, social, and MICE segments;
3. Potential to add incremental banqueting and ballroom capacity immediately to strengthen its social and MICE, from the adjacent Imagicaa parks.
4. Opportunity to rebrand into the upper-upscale segment and drive higher revenue over the long term.
5. Diversified demand generators resulting in multiple revenue streams across leisure, social, MICE, and weekend travel; and
6. Opportunity to leverage Juniper Hotels’ asset management and hospitality expertise to drive long-term value creation.

Commenting on the acquisition, Arun Kumar Saraf, Chairman & Managing Director, Juniper Hotels Limited, said, “At Juniper, our growth journey has always been guided by a simple principle: grow with purpose and create value for the long term. 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.

Our upcoming developments will significantly expand the company’s scale. We remain focused on owning the ‘Right Assets’ in the right markets, large, capable of generating diversified revenue streams across rooms, F&B, MICE, serviced apartments, commercial spaces and other hospitality offerings. We intend to pursue this growth with capital discipline, strong internal cash generation and a healthy balance sheet, and selectively evaluate acquisition opportunities where we see a compelling strategic fit.”

Completion of the acquisition is subject to execution of definitive agreements, satisfaction of customary closing conditions, and receipt of any required statutory, regulatory, and other approvals.

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