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Juniper Hotels has approved the proposed acquisition of Novotel Imagicaa in Khopoli, Maharashtra, from Imagicaaworld Entertainment for ₹248 crore.
The company disclosed the proposed transaction in a regulatory filing.
The operating hotel is spread across approximately 11 acres and has a built-up area of about 2.8 lakh sq ft.
It comprises 287 guest rooms along with restaurants, banquet and meeting facilities, a spa, recreational amenities and other hospitality infrastructure.
Transaction Valued at ₹86 Lakh Per Key
At the proposed acquisition value of ₹248 crore, the transaction works out to approximately ₹86 lakh per key.
Juniper Hotels said the acquisition will add an operating, cash-generating hospitality asset to its portfolio.
The company said this would allow it to add an operating property without the development lead time associated with a greenfield project.
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Property Repositioning and Rebranding Under Evaluation
Along with the proposed acquisition, Juniper Hotels is evaluating the potential to reposition and rebrand Novotel Imagicaa into the upper-upscale segment.
The company said the proposed acquisition forms part of its approach to growth with capital discipline, internal cash generation and a healthy balance sheet.
Arun Kumar Saraf, chairman and managing director of Juniper Hotels, said the company intends to pursue growth while maintaining its focus on capital discipline, internal cash generation and a healthy balance sheet.
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Acquisition Expected to Be Completed by March 2027
The proposed acquisition is expected to be completed on or before March 31, 2027.
Novotel Imagicaa is located in Khopoli, Maharashtra. The property is currently an operating hotel and includes accommodation, dining, banquet and meeting facilities, spa services and recreational amenities.
With the proposed ₹248 crore transaction, Juniper Hotels is set to add the 287-key Novotel Imagicaa to its hospitality portfolio, subject to completion of the proposed acquisition.
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