The acquisition involves the hotel undertaking and not the purchase of shares or control in an entity. The consideration is payable in cash and is subject to tax deduction at source, stamp duty, transaction costs and other adjustments, if any.
The hotel is spread across approximately 11 acres, with a built-up area of about 2,80,000 square feet and 287 guest rooms. It also comprises restaurants, banquet and meeting facilities, recreational amenities and other associated hotel infrastructure.
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Juniper said the property is located in the Mumbai-Pune corridor and caters to leisure, social, meetings, incentives, conferences and exhibitions (MICE) demand. The hotel is adjacent to the Imagicaa Theme Park and Water Park and is near the economic centres of Mumbai and Pune, with the airport accessible within a two-hour drive.
The company said the acquisition will add an established operating hotel that is expected to generate stable cash flows from day one, without the lead time associated with greenfield development. Juniper also sees potential to add incremental banqueting and ballroom capacity and an opportunity to rebrand the asset into the upper-upscale segment.
The company said the hotel has diversified demand generators across leisure, social, MICE and weekend travel. It also plans to leverage its asset management and hospitality expertise in the property.
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The board has approved a Memorandum of Understanding (MoU) with Imagicaaworld Entertainment for the proposed acquisition. The transaction is not a related-party transaction, and the seller is not related to Juniper’s promoter, promoter group or group companies.
The proposed acquisition is subject to statutory, regulatory, shareholder, lender, contractual and third-party approvals or consents, as may be required. Juniper expects the transaction to be completed on or before March 31, 2027, subject to fulfilment of conditions precedent and receipt of requisite approvals and consents.The company said the definitive documents may include a deed of conveyance, business transfer agreement, asset purchase agreement, slump sale agreement and other ancillary documents.
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Following the acquisition, Juniper said its portfolio currently comprises seven hotels with 1,895 keys, including 245 serviced apartments. Its portfolio includes Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur and Hyatt Place Hampi.
Arun Kumar Saraf, Chairman and Managing Director, Juniper Hotels Ltd said, “At Juniper, our growth journey has always been guided by a simple principle: grow with purpose and create value for the long term. 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.
Our upcoming developments will significantly expand the company’s scale. We remain focused on owning the ‘Right Assets’ in the right markets, large, capable of generating diversified revenue streams across rooms, F&B, MICE, serviced apartments, commercial spaces and other hospitality offerings. We intend to pursue this growth with capital discipline, strong internal cash generation and a healthy balance sheet, and selectively evaluate acquisition opportunities where we see a compelling strategic fit.”
Shares of Juniper Hotels Ltd ended at ₹214.40, down by ₹1.05, or 0.49%, on the BSE.
