Morgan Stanley Real Estate Funds is teaming up with Starwood Hotels and Resorts Worldwide to acquire the Sheraton Grande Tokyo Bay Hotel from Taisei Corporation.
The purchase price was not disclosed. After closing, Morgan Stanley will own approximately 75 percent of the asset, with Starwood holding the remainder.
Starwood has managed the property since it opened in 1988. The 802-room hotel is located on the grounds of the Tokyo Disney Resort and is connected to the theme park via a monorail. According to a press release, the hotel is also a leading wedding facility in Japan.
New York Stock Exchange-listed hotel company Starwood was founded by Barry Sternlicht of Starwood Capital. Sternlicht stepped down from the company in 2005.
Morgan Stanley closed a global real estate fund on $4.2 billion (€3.2 billion) in 2006, as well as a $2.2 billion special situations vehicle. Last fall, the firm acquired the Akaksaka Garden City office building in central Tokyo for $523 million.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
