Key Quantitative Figures

  • Purchase consideration: ₹248,00,00,000 (Rupees Two Hundred Forty-Eight Crores Only)
  • Property size: Approximately 11 acres of land
  • Built-up area: Approximately 2,80,000 sq. ft.
  • Guest rooms: 287 rooms
  • Price per key: Approximately ₹86 lakh

Parties Involved

  • Acquirer: Juniper Hotels Limited
  • Seller: Imagicaaworld Entertainment Limited (formerly known as Adlabs Entertainment Limited)
  • Compliance Officer: Sandeep L. Joshi, Company Secretary and Compliance Officer
  • Management Spokesperson: Arun Kumar Saraf, Chairman & Managing Director

Purpose and Rationale

The acquisition is aligned with Juniper's hospitality business and adds an established, cash-generating, 287-key hotel in the Mumbai-Pune corridor. The property caters to leisure, social and MICE (Meetings, Incentives, Conferences, and Exhibitions) demand. Strategic advantages include:

  • Addition of established operating hotel without greenfield development lead time
  • Strategic presence in Mumbai-Pune corridor
  • Potential to add incremental banqueting and ballroom capacity
  • Opportunity to rebrand into upper-upscale segment
  • Diversified demand generators across multiple revenue streams
  • Leverage Juniper's asset management and hospitality expertise

Financial Impact

The acquisition involves cash consideration of ₹248 crore, subject to tax deduction at source, stamp duty, transaction costs and other adjustments. The financial impact is quantified at the purchase price level.

Approvals Required

The proposed transaction is subject to statutory, regulatory, shareholder, lender, contractual and third-party approvals or consents as may be required under applicable law and the definitive documents.

Transaction Structure

  • Nature: Acquisition of hotel undertaking (not shares or voting rights)
  • Consideration: Cash payment
  • Documents: Definitive documents to include deed of conveyance, business transfer agreement, asset purchase agreement, slump sale agreement and other ancillary documents
  • Memorandum of Understanding approved to be entered between parties

Property Details

Novotel Imagicaa is located in Khopoli, District Raigad, Maharashtra, strategically in close proximity to Mumbai. The hotel undertaking comprises:

  • Approximately 11 acres of land
  • Built-up area of approximately 2,80,000 sq. ft.
  • 287 guest rooms
  • Restaurants, banquet and meeting facilities
  • Recreational amenities and associated hotel infrastructure
  • Adjacent to Imagicaa Theme Park and Water Park
  • Airport accessible within two-hour drive

Related Party Status

The transaction does not qualify as a related party transaction. The seller is not related to the promoter, promoter group or group companies of Juniper Hotels Limited. The transaction is being conducted at arm's length.

Additional Information

  • The company currently owns and operates 7 hotels comprising 1895 keys, including 245 serviced apartments
  • Portfolio includes Grand Hyatt Mumbai Hotel and Residences, Andaz Delhi and Residences, Hyatt Regency Ahmedabad, Hyatt Regency Lucknow, Hyatt Raipur and Hyatt Place Hampi
  • Further disclosures will be made to stock exchanges when definitive documents are executed and upon material developments
  • Intimation available on company website: www.juniperhotels.com