JUNIPER HOTELS TO ACQUIRE NOVOTEL IMAGICAA FOR RS 248 CRORE

Luxury hotel development company Juniper Hotels on Wednesday announced that it has signed an agreement with Imagicaaworld Entertainment Ltd to acquire Novotel Imagicaa for an aggregate consideration of Rs 248 crore. According to a regulatory filing, Juniper has entered into a binding memorandum of understanding (MoU) with Imagicaaworld Entertainment, formerly known as Adlabs Entertainment Ltd, for the acquisition of the operating hotel. The transaction values the property at approximately Rs 86 lakh per key, subject to the terms and conditions of the definitive agreements. The proposed acquisition is in line with Juniper Hotels’ long-term strategy of building a portfolio of large, high-quality hotels across key business and leisure destinations in India. “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,” the company said. Juniper added that its upcoming developments are expected to significantly expand its overall scale. The company said it plans to pursue growth with a focus on capital discipline, strong internal cash generation and a healthy balance sheet, while selectively evaluating acquisition opportunities that offer a compelling strategic fit. The completion of the proposed acquisition remains subject to the execution of definitive agreements, satisfaction of customary closing conditions, and receipt of all necessary statutory, regulatory and other approvals.