Indian hotel chain operator Oyo is holding discussions to purchase Keys Hotels, a brand of full-service hotels.
Oyo may buy the company from New York-based private equity and venture capital firm Berggruen Holdings.
Keys Hotels, which has been scouting for buyers for a few years now, is seeking a valuation of $125 million.
Recently, Oyo was in talks to buy Indian shared workspace startup Innov8 for around $28.1 million in an all-cash deal.