Juniper Hotels touched a day high of Rs 220.59 on 6 October after the firm signed a Rs 248 crore pact to buy Novotel Imagicaa in Khopoli.

The agreement is a binding memorandum of understanding, or MoU, with Imagicaaworld Entertainment.

Juniper signed it on 5 October and shared the news in a filing with the stock exchanges.

Its board had approved the plan on 16 September, ahead of the 5 October signing. That approval covered both the purchase and the MoU.

Juniper will pay a lump sum of Rs 248 crore. The deal involves no issue of new shares.

Juniper is buying the hotel itself, not the wider Imagicaaworld business.

In simple terms, a hotel company is picking up a property that already operates, rather than building a new one from scratch.

Novotel Imagicaa has 287 guest rooms, along with restaurants, banquet and meeting spaces and recreational facilities.

It stands on around 11 acres, with a built-up area of about 2.8 lakh sq ft, close to Mumbai. The seller is Imagicaaworld Entertainment.

That firm runs entertainment destinations including Imagicaa, Wet’n Joy, Sai Teerth and Aqua Imagicaa.

Its flagship site in Khopoli, off the Mumbai-Pune Expressway, has a theme park, a water park, a snow park and the hotel.

Juniper develops, owns and operates luxury, upper-upscale and upscale hotels and serviced apartments in major business and tourist destinations.

It is a partnership between the Saraf Group and Hyatt, and Hyatt-affiliated properties form a key part of its portfolio.

Its FY25 annual report shows a business focused entirely on hotels and serviced apartments.

At 11:05 am, the stock traded at Rs 217.65 on NSE, up Rs 1.65 or 0.76%. Around 0.57 lakh shares had changed hands, and the company’s market value stood near Rs 4,843 crore.

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