Juniper Hotels proposes Rs 248 crore Novotel Imagicaa deal
In short
Juniper Hotels proposed buying the Novotel Imagicaa hotel in Maharashtra for Rs 248 crore, and its shares rose on Thursday.
The hotel has 287 rooms and is in Khopoli. The deal could expand Juniper’s reach in the Mumbai-Pune area, but it is not yet clear if the purchase is done.
What the reporting says
Juniper Hotels proposed acquiring the operating Novotel Imagicaa hotel in Maharashtra for Rs 248 crore, and its shares rose on Thursday. The property has 287 keys, sits in Khopoli on about 11 acres, and includes restaurants plus banquet and meeting facilities. The reported reason is to expand Juniper’s presence in the Mumbai-Pune corridor. It is not stated whether the acquisition has been completed.
Why it matters
Juniper Hotels said it wants to acquire the operating Novotel Imagicaa property in Khopoli, Maharashtra, for Rs 248 crore, according to the publisher summaries. The market reaction was a 2% rise in the shares on Thursday. The strategic reason given is expansion in the Mumbai-Pune corridor, but the reporting does not confirm completion or any financing terms.