Juniper Hotels has signed a binding memorandum of understanding to acquire Novotel Imagicaa, a 287-key operating hotel in Khopoli, Maharashtra, from Imagicaaworld Entertainment Limited for an aggregate cash consideration of ₹248 crore. The transaction values the property at approximately ₹86 lakh per key and expands Juniper’s presence in India’s hospitality infrastructure beyond its existing gateway-city portfolio.
Located beside Imagicaa’s Theme Park and Water Park on the Mumbai-Pune corridor, the hotel occupies 11 acres and has a built-up area of about 280,000 sq ft. The property includes guest rooms, dining facilities, banquet venues and recreational amenities. Its location places it within a major inter-city leisure corridor connecting Mumbai and Pune, while its adjacency to the theme and water parks provides an established destination-based demand source.
Juniper Hotels said the acquisition would add an operating, cash-generating asset without the lead time associated with developing a new hotel. The company also identified leisure and meetings, incentives, conferences and exhibitions, or MICE, as demand segments for the property. The hotel’s banquet facilities and other hospitality offerings are expected to support revenue from events and group bookings alongside room sales.
“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,” Arun Kumar Saraf, chairman and managing director of Juniper Hotels, said in the company’s announcement.
Saraf said Juniper remained focused on owning large assets capable of generating diversified revenue across rooms, food and beverage, MICE, serviced apartments, commercial spaces and other hospitality offerings. The company said it would evaluate an immediate expansion of the hotel’s banqueting capacity and rebrand the property in the upper-upscale segment as part of its longer-term plans for revenue growth.
The deal also marks a shift in the asset’s ownership while retaining an already functioning hospitality property at a major leisure destination. For the Mumbai-Pune corridor, the transaction highlights the role of integrated tourism sites in supporting hotel demand outside conventional city-centre business districts. The hotel’s proximity to Imagicaa’s attractions gives it a demand profile linked not only to corporate and social events but also to visitors travelling for leisure.
Juniper Hotels currently owns and operates seven luxury and upper-upscale hotels comprising 1,895 keys, including 245 serviced apartments. Its existing properties include Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur and Hyatt Place Hampi.
The proposed acquisition will add 287 rooms to that portfolio, subject to the completion of the transaction as agreed under the binding MoU. The company’s announcement did not provide a completion date or further transaction conditions. The next stage will be the execution of the acquisition process between Juniper Hotels and Imagicaaworld Entertainment.
