JUNIPER HOTELS TO ACQUIRE NOVOTEL IMAGICAA FOR Rs 248 CRORE

has entered into a Memorandum of Understanding (MoU) with Imagicaaworld Entertainment Limited for the proposed acquisition of Novotel Imagicaa for an aggregate consideration of Rs 248 crore. The property is located across 11 acres in Khopoli, Maharashtra, and the operating five-star hotel has 287 rooms and is situated adjacent to Imagicaa Theme Park and Water Park. The property has a built-up area of approximately 2,80,000 sq. ft. and features restaurants, banquet and meeting venues, a spa and recreational facilities. The acquisition will strengthen Juniper Hotels’ presence in the Mumbai-Pune corridor, with the property catering to leisure, social, MICE and weekend travel segments. The company also sees potential to expand the hotel’s banqueting and ballroom capacity by leveraging its proximity to the Imagicaa parks.