Radhakishan Damani acquires Novotel Imagica Khopoli from Adlabs

NEW DELHI: Radhakishan Damani, founder of supermarket chain DMart, has completed the acquisition of Novotel Imagica Khopoli, a five star luxury hotel located in a theme park off the Mumbai-Pune expressway, from Adlabs Entertainment Ltd. “We have signed a term sheet with them. We are a listed company. We are going through the process. Theme park Imagica is the project. Within that project, only the hotel has been sold to reduce our debt,” said Manmohan Shetty, Chairman of Adlabs.

The deal, which had been on for some time, has been completed, people familiar with the development said. The acquisition was made by Damani’s unit Bright Star Investments. Damani couldn't be reached for comment.

The size of the transaction was not known. The sale of Novotel Imagica Khopoli and land measuring 8.9 acres for Rs 212 crore was approved by the Adlabs board in November to help reduce debt, the company said in a presentation to investors this month. The 287-room hotel managed by Accor is located within the Adlabs Imagica theme park, which houses rides and attractions, restaurants, besides water and snow parks. The hotel boasts a children’s activity centre, speciality restaurants, a gym and banquet halls that can house about 600 people, according to the Adlabs Imagica website.

Novotel Imagica recorded an occupancy of about 70% and overall average revenue rate of Rs 7.52 crore, including food and beverages, in the second quarter of this financial year, signifying growth of 5.4% over the corresponding quarter last year, Adlabs said in its presentation to investors.