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The seller is Imagicaaworld Entertainment, formerly known as Adlabs Entertainment. The two companies will also enter into a memorandum of understanding covering the transaction. Definitive documents, which may include a deed of conveyance, a business transfer agreement and other ancillary papers, are yet to be signed.
The transaction is structured as an asset purchase rather than a share acquisition. Juniper will not acquire any shares, voting rights or control in Imagicaaworld Entertainment. It will instead take over the hotel undertaking itself, along with the land and infrastructure attached to it, the filing noted.
The purchase price works out to roughly Rs 86 lakh per key. The consideration is subject to tax deduction at source, stamp duty and other transaction costs. The company said the deal does not qualify as a related party transaction. The seller has no relationship with Juniper’s promoter or promoter group, as per the filing.
Juniper expects to complete the acquisition on or before March 31, 2027. Completion depends on statutory, regulatory, shareholder and lender approvals, along with other conditions that will be spelt out in the definitive agreements.
Novotel Imagicaa sits on about 11 acres in Khopoli, in Raigad district. The built-up area runs to roughly 2,80,000 square feet. The hotel has 287 guest rooms. It also has restaurants, banquet and meeting facilities and recreational amenities.
The property is close to Mumbai and Pune, with the airport about two hours away by road. It sits next to the Imagicaa Theme Park and Water Park. The hotel has built a base in leisure and social bookings, and the company points to this in explaining the rationale for the deal.
In a media release accompanying the disclosure, Juniper said the hotel would add stable cash flows from the outset, since it is already operating. The company also flagged potential to add banqueting and ballroom capacity using space from the adjacent theme park, and said there is room to reposition the asset into the upper-upscale segment over time.
Juniper Hotels is a hotel ownership and development company. It currently owns and operates seven hotels with a combined 1,895 keys, including 245 serviced apartments, across Indian cities.
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.
Juniper Hotels’ share price has increased by 0.98% as of intraday on September 17. The company’s share price further increased by 12.43% in the past month. However, Juniper Hotels’ share price declined 27.12% in the last year.
