GIC Buys Tokyo Hotel From Morgan Stanley, Starwood

Source : The Business Times, February 26, 2008

GIC Real Estate, the property investment arm of the Government of Singapore Investment Corp (GIC), said on Tuesday that it has bought the Westin Tokyo hotel from funds managed by Starwood Capital and Morgan Stanley.

The 438-room, five-star hotel will continue to be operated by Starwood Hotels and Resorts under the Westin brand name, GIC Real Estate said in a statement.

The Singapore firm did not disclose the purchase price but the Nikkei financial daily reported earlier this month that the deal was worth 77 billion yen (US$717 million). -- REUTERS