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Billionaire investor Nicolas Berggruen's Keys Hotels may sell some assets

Billionaire investor Nicolas Berggruen is evaluating the sale of some of the prime properties housed under his mid-market chain Keys Hotels as the German-American businessman fine-tunes his hospitality interests in Asia's third largest economy.

The founder of Berggruen Holdings, which has investments in Burger King and insurer Phoenix Group, has identified assets worth crores of rupees in Goa, Raipur, Lucknow and Kerala for potential sale as the 53-year-old wants Keys Hotels to focus on managing properties rather than owning real estate. Berggruen, who until recently was called the homeless billionaire for living out of hotels, set up Keys Hotels in India in September 2006 and, today, the lodging company has 18 properties. Of this, nearly half of the portfolio is owned as the chain had bought land parcels and designed rooms to suit requirements of new-age travellers.

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