Juniper Hotels plans Rs 248 crore acquisition of 287-key Novotel Imagicaa

New Delhi: Juniper Hotels Limited 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 Rs 248 crore at approximately Rs 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 located near Mumbai and Pune, with the airport accessible within a two-hour drive. The hotel is adjacent to the Imagicaa Theme Park and Water Park. Spanning a built-up area of approximately 2,80,000 square feet, the hotel has 287 guest rooms besides restaurants, banquet and meeting venues, spa and recreational facilities.

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

The company said the transaction 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 and its strategic presence in the Mumbai–Pune corridor will cater to leisure, social, and MICE segments.

Juniper said it is possible to add incremental banqueting and ballroom capacity immediately to strengthen its social and MICE, from the adjacent Imagicaa parks. The company said it also sees an opportunity to rebrand the property into the upper-upscale segment and drive higher revenue over the long term.

Arun Kumar Saraf, chairman and managing director, Juniper Hotels Limited said Novotel Imagicaa represents the kind of asset the company looks for. "It is an established hospitality property with scale, a strong destination proposition, and multiple demand generators," he said.

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He said the upcoming developments will significantly expand the company’s scale.

"We remain focused on owning the right assets in the right markets, that are capable of generating diversified revenue streams across rooms, F&B, MICE, serviced apartments, commercial spaces and other hospitality offerings," he added.

The company said the 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.