India, Sept. 17 -- Imagicaaworld Entertainment Limited has approved the proposed divestment of its 287-key Novotel Imagicaa hotel in Khopoli to Juniper Hotels Limited for Rs 248 crore, subject to definitive agreements and applicable statutory, regulatory and shareholder approvals.
The transaction is proposed through a slump sale of the hotel undertaking as a going concern. The property spans around 11 acres, with a built-up area of approximately 2.8 lakh sq ft, and is located adjacent to Imagicaa Theme Park and Water Park on the Mumbai-Pune corridor.
The company said the divestment will help strengthen its balance sheet and unlock capital for its core entertainment business, including expansion into new geographies, new attractions at exi...