Juniper Hotels to Acquire Novotel Imagicaa in ₹248-Crore Transaction
The proposed acquisition of the 287-key Khopoli hotel strengthens Juniper’s presence in the Mumbai–Pune corridor, adding an operating asset with leisure, F&B and MICE potential.
By SOH Edit Team
Juniper Hotels Limited has approved the proposed acquisition of Novotel Imagicaa, a 287-key operating hotel in Khopoli, Maharashtra, from Imagicaaworld Entertainment Limited for an aggregate cash consideration of ₹248 crore.
The company has entered into a binding memorandum of understanding (MoU) for the transaction, valuing the property at approximately ₹86 lakh per key.
For Juniper, the acquisition brings an established, cash-generating hotel into its portfolio without the development timelines associated with a greenfield project.
Betting on the Mumbai–Pune Corridor
Spread across 11 acres with approximately 280,000 sq ft of built-up area, Novotel Imagicaa sits along the Mumbai–Pune corridor and is adjacent to Imagicaa Theme Park and Water Park.
Its location gives the property access to multiple demand segments, from destination leisure and weekend travel to weddings, social events and MICE business.
The hotel currently comprises 287 rooms alongside dining, banquet and recreational facilities, giving Juniper an asset with revenue potential extending beyond room inventory.
Arun Kumar Saraf, Chairman and Managing Director, Juniper Hotels Limited.
Scale and Diversified Revenue
Arun Kumar Saraf, Chairman and Managing Director, Juniper Hotels Limited, said, “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.”
The acquisition reflects Juniper’s broader focus on owning large hospitality assets capable of generating revenues across rooms, food and beverage, MICE and other hospitality offerings, while maintaining capital discipline and balance-sheet strength.
“We remain focused on owning the right assets in the right markets, large, capable of generating diversified revenue streams across rooms, food and beverage, MICE, serviced apartments, commercial spaces and other hospitality offerings,” Saraf said.
Unlocking the Next Phase of Growth
Beyond adding an operating hotel to its portfolio, Juniper sees further value-creation opportunities within the asset.
The company has identified the potential to expand banqueting capacity and reposition the property under an upper-upscale brand. Such interventions could allow it to deepen the hotel’s participation in the weddings, events and MICE segments while strengthening its positioning in the destination hospitality market.
The proposed ₹248-crore transaction therefore represents more than an addition of 287 keys: it gives Juniper an operating platform in a strategically located leisure and events market, with room for further repositioning and revenue expansion.
