Juniper Hotels shares rise 2% on proposed Rs 248 crore acquisition of Novotel Imagicaa
Juniper Hotels shares rose on Thursday after the company proposed acquiring the operating Novotel Imagicaa hotel in Maharashtra for Rs 248 crore. The 287-key property, located in Khopoli, spans around 11 acres and includes restaurants, banquet and meeting facilities. The acquisition is aimed at expanding Juniper’s presence in the Mumbai-Pune corridor.
Juniper Hotels shares experienced a 2% increase on Thursday, reaching a peak of Rs 219.07 on the NSE. The company proposed to acquire Novotel Imagicaa, a hotel in Khopoli, Maharashtra, for a total of Rs 248 crore. The transaction involves purchasing the operating hotel undertaking, which spans about 11 acres, including 287 guest rooms and associated facilities.
The addition of this 287-key hotel to Juniper's portfolio strengthens its presence in the Mumbai-Pune corridor, catering to leisure, social, and MICE demand. The acquisition aligns with Juniper's goal of building a collection of large, high-quality hotels in key Indian destinations. The proposed deal does not require the company to issue any new shares, and it is expected to generate stable cash flows immediately.
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