New York listed Starwood Hotels & Resorts Worldwide, a fund managed by Morgan Stanley Real Estate, have entered into a definitive joint venture agreement to buy the Sheraton Grande Tokyo Bay Hotel from Taisei Corporation Group.
A price is yet to be finalised.
A closing of the acquisition expected before the end of March 2007.
The fund, managed by Morgan Stanley Real Estate, will own 74.9% of the joint venture and Starwood will own the remaining 25.1%.
The 802-room Sheraton Grande Tokyo Bay has been managed by Starwood since its opening in 1988 and will continue to be operated by Starwood under a long-term management agreement with the joint venture.
The
One of the five official Tokyo Disney hotels, the
The number of visitors to the popular Tokyo Disney Resort area is anticipated to grow in the next few years as a result of the construction of a new 2,000-seat theatre for the world-renowned Cirque du Soleil, as well as celebrations and events for Tokyo Sea Disney’s fifth anniversary and Tokyo Disneyland’s twenty-fifth anniversary.
Australian Property Journal ®
