- Juniper to acquire Maharashtra Novotel.
- Each key valued at about $90,200.
- The 287-key hotel is in Khopoli.
JUNIPER HOTELS WILL acquire the Novotel Imagicaa in Maharashtra, India, from Imagicaaworld Entertainment for about $25.9 million. The acquisition is expected to close on or before March 31, 2027.
The deal values the property in Khopoli at about $90,200 per key, based on the $25.9 million consideration disclosed in an Imagicaaworld filing. The hotel has 287 rooms and spans about 11 acres, with a built-up area of 280,000 square feet. It also has restaurants, event facilities, a spa and other recreational amenities.
Juniper, founded by Chairman and Managing Director Arun Kumar Saraf and led by CEO Varun Saraf, is a strategic partnership between the Saraf Group and Hyatt Hotels Corp.
"Juniper Hotels intends to pursue growth with capital discipline, internal cash generation and a healthy balance sheet," said Saraf.
The company said the deal adds an operating, cash-generating asset to its portfolio without the lead time a greenfield project requires. It is also evaluating whether to reposition and rebrand the property in the upper-upscale segment.
Separately, Juniper plans to invest about $89.1 million to develop a 550-key five-star hotel in Dwarka, New Delhi. The project is expected to be completed by 2030, taking the company's New Delhi portfolio to about 1,000 keys.
