Juniper Hotels to acquire Novotel Imagicaa for INR 248 crore
Novotel Imagicaa-1
The proposed acquisition said to advance Juniper's long-term objective of building a portfolio of large, high-quality hotels in the country's business and leisure destinations.
Luxury hotel development company Juniper Hotels stated that it has signed an agreement with Imagicaaworld Entertainment to acquire Novotel Imagicaa for INR 248 crore.
Juniper announced that it has entered into a binding memorandum of understanding with Imagicaaworld Entertainment Limited (formerly known as Adlabs Entertainment Limited) to acquire the operating hotel, Novotel Imagicaa, for an aggregate consideration of INR 248 crore, about INR 86 lakh per key, subject to the terms and conditions of the definitive agreements, the company said in a regulatory filing.
The proposed acquisition said to advance Juniper's long-term objective of building a portfolio of large, high-quality hotels in the country's business and leisure destinations.
Spread across approximately 11 acres in Khopoli, Maharashtra, Novotel Imagicaa is located near the Mumbai and Pune economic centres, with the airport accessible within a two hour drive. The hotel is adjacent to the Imagicaa Theme Park and Water Park.
The property has a built-up area of approximately 2,80,000 sq. ft. and offers 287 guest rooms, restaurants, banquet and meeting venues, a spa and recreational facilities. The hotel caters to leisure and social segments and is positioned as a family holiday destination.
(Source - PTI)
