Juniper Hotels Limited has announced the proposed acquisition of Novotel Imagicaa from Imagicaaworld Entertainment Limited for an aggregate consideration of Rs 248 crore, translating to approximately Rs 86 lakh per key, subject to the terms of the definitive agreements.

Located in Khopoli, Maharashtra, the hotel is spread across approximately 11 acres and is situated adjacent to the Imagicaa Theme Park and Water Park. The property has a built-up area of around 2.8 lakh sq ft and comprises 287 rooms, along with restaurants, banquet and meeting spaces, a spa and recreational facilities.

The acquisition would add an established operating hotel to Juniper's portfolio, with the property catering to leisure, social and MICE segments. The company also sees potential to expand banqueting and ballroom capacity and explore an eventual rebranding into the upper-upscale segment.

Juniper said the acquisition will strengthen its presence in the Mumbai-Pune corridor and provide diversified revenue opportunities across leisure, social events, MICE and weekend travel. The company also plans to leverage its asset-management and hospitality expertise to enhance the property's long-term performance.

Completion of the transaction remains subject to the execution of definitive agreements, customary closing conditions and required statutory, regulatory and other approvals.