Juniper Hotels has approved a Rs 248 crore deal to acquire the 287-key Novotel Imagicaa hotel near Mumbai and Pune from Imagicaaworld Entertainment.

The hotel comes with 287 rooms and sits on roughly 11 acres, with a built-up area of close to 2.8 lakh square feet. It also includes restaurants, banquet spaces, and other hospitality infrastructure.

The property sits right next to Imagicaa Theme Park and Water Park along the Mumbai-Pune corridor, putting it within a two-hour drive of both Mumbai and Pune airports. At Rs 248 crore, the transaction values the asset at approximately Rs 86.4 lakh per key.

This is a slump sale, meaning Juniper is buying the hotel business undertaking directly rather than acquiring equity shares. The deal is not a related-party transaction, and neither company has existing promoter ties to the other.

Juniper expects the transaction to close by 31 March 2027, subject to customary regulatory, shareholder, and lender approvals.

For Imagicaaworld, the sale requires public shareholder approval through a postal ballot under Regulation 37A of SEBI LODR rules, as the hotel division contributed 15.9% of its total operating revenue.

Company Chairman and Managing Director Arun Kumar Saraf stated that the asset fits Juniper’s strategy of scaling through established, cash-generating properties in high-demand growth corridors rather than starting greenfield developments from scratch.

Once the transaction completes, Juniper’s portfolio will expand from seven to eight operating hotels, bringing its total inventory to 2,182 keys, alongside major properties like Grand Hyatt Mumbai, Andaz Delhi, and Hyatt Regency Ahmedabad.

Shares of Juniper Hotels closed largely unchanged on the day the deal was announced, ending at Rs 214.32 on the NSE, down marginally by Rs 0.52 or 0.24%.

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