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India's Taj Hotel Chain to Sell Assets as Economy Weakens

  • Indian chain to reduce ownership of properties to stay lean
  • Operator of New York’s Pierre has been on a debt paring spree
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The luxury hotel chain controlled by India’s Tata Group is looking to sell some assets and avoid owning new properties in an effort to further pare debt, as it braces for a slump in consumer spending.

Indian Hotels Co., Tata’s listed firm that operates the Taj brand, plans to dispose of certain budget inns in the nation’s non-metro areas and lease them back for a fee, Puneet Chhatwal, managing director and chief executive officer said in an interview.