on Wednesday announced a proposed acquisition of Novotel Imagicaa, an operating hotel in Khopoli, Maharashtra, from Imagicaaworld Entertainment Limited (formerly Adlabs Entertainment Limited) for ₹248 crore, or approximately ₹86 lakh per key.
The board approved the deal and a related Memorandum of Understanding at its meeting held today. The transaction is a straight cash deal with no share issuance involved and is not classified as a related-party transaction.
The hotel sits on approximately 11 acres near Khopoli in Raigad district, within a two-hour drive of Mumbai. It has a built-up area of around 2,80,000 sq. ft. and comprises 287 guest rooms, along with restaurants, banquet halls, meeting facilities, a spa, and recreational amenities. The property is adjacent to the Imagicaa Theme Park and Water Park.
Juniper said the acquisition fits its strategy of building a portfolio of large hotels in key business and leisure markets. The company highlighted the hotel’s existing cash flows, its positioning in the Mumbai–Pune corridor, and the potential to rebrand the property into the upper-upscale segment as key rationales for the deal.
The transaction requires statutory, regulatory, shareholder, lender, and third-party approvals. Juniper expects to complete the acquisition on or before March 31, 2027, subject to fulfilment of conditions precedent.
Juniper currently owns and operates seven hotels with 1,895 keys, including 245 serviced apartments, across properties such as Grand Hyatt Mumbai, Andaz Delhi, Hyatt Regency Ahmedabad, and Hyatt Regency Lucknow.
The company said it will make further disclosures to the stock exchanges upon execution of definitive agreements and at each material development