₹248 Crore Deal Expands Hospitality Portfolio
Juniper Hotels has signed an agreement to acquire Novotel Imagicaa from Imagicaaworld Entertainment Ltd for ₹248 crore, as the luxury hotel development company looks to expand its portfolio across India’s business and leisure destinations.
The companies have entered into a binding memorandum of understanding for the acquisition of the operating hotel. The aggregate consideration of ₹248 crore translates to approximately ₹86 lakh per key, subject to the terms and conditions of the definitive agreements.
Juniper Hotels said the proposed transaction supports its long-term objective of developing a portfolio of large and high-quality hospitality assets in strategically important markets.
Chairman and Managing Director Arun Kumar Saraf described Novotel Imagicaa as the type of property the company seeks to own, citing its established presence, scale, destination proposition and multiple sources of demand.
The company is focusing on hospitality properties capable of generating diversified revenue streams beyond traditional room bookings. These can include food and beverage operations, meetings, incentives, conferences and exhibitions, serviced apartments, commercial spaces and other hospitality offerings.
Juniper Hotels also expects its upcoming developments to expand the overall scale of its portfolio.
The company said it intends to pursue expansion while maintaining capital discipline, supported by internal cash generation and a healthy balance sheet. It will also selectively consider additional acquisition opportunities where there is a compelling strategic fit.
Completion of the Novotel Imagicaa acquisition remains subject to the execution of definitive agreements, satisfaction of customary closing conditions and receipt of any required statutory, regulatory and other approvals.
If completed, the transaction would add an established leisure-oriented hospitality property to Juniper Hotels’ portfolio as the company continues to expand its presence in India’s hotel market.
