M&A

M&A

Juniper Hotels to acquire 5-star resort Novotel Imagicaa for Rs.248-Cr

Business Line   Novotel Imagicaa  

Mumbai-based Juniper Hotels is to acquire Novotel Imagicaa in Khopoli, Maharashtra, from Imagicaaworld Entertainment for INR 248-Cr in an all-cash deal.Novotel Imagicaa is an operating hotel situated on 11 acres near the Imagicaa Theme Park and Water Park. The property features 287 guest rooms, banquet halls, meeting facilities, a spa, and recreational amenities, with a total built-up area of about 2,80,000 sq. ft.Juniper Hotels plans to use the acquisition to expand its portfolio of large hotels in business and leisure markets, leveraging the property's location in the Mumbai-Pune corridor.