GIC Real Estate Acquires The Westin Tokyo from Morgan Stanley Fund and Starwood Capital Group Funds Feb 26 2008 | Tokyo |
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GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, Starwood Capital Group Global, LLC and Morgan Stanley Capital K.K. announced today that an affiliate of GIC Real Estate has completed the transaction to purchase The Westin Tokyo from a special purpose company owned by real estate funds managed by Starwood Capital and a real estate fund managed by Morgan Stanley. The hotel will continue to be operated by Starwood Hotels and Resorts under its Westin brand. The Westin Tokyo is a freehold, 438-room, five-star hotel located in the heart of Tokyo, in close vicinity of the city’s famous entertainment town of Roppongi and the shopping area of Shibuya/Harajuku streets. The hotel is surrounded by the sophisticated Ebisu neighbourhood and located adjacent to Yebisu Garden Place complex. One of the city’s most popular hotel destinations, The Westin Tokyo brings together world-class dining, superior event and banquet facilities, as well as a new top-of-the-line Le Spa Parisien under one roof. “Given the successful working relationship between the investors, our hotel asset management affiliate Panorama Hospitality, K.K., and Starwood Hotels and Resorts, we are happy to have found GIC Real Estate to take ownership of this landmark property,” said Sean Williams, a Managing Director at Morgan Stanley Capital K.K. “The transaction also demonstrates Morgan Stanley’s continued confidence in managing hotel investments.” “We are extremely pleased to have reached this agreement with GIC Real Estate, which is acquiring one of the real jewels of Tokyo’s skyline,” said Jeffrey Dishner, a Senior Managing Director at Starwood Capital Group. “Along with Morgan Stanley, we made this investment in December of 2004, and together, through our partnership with the team at Westin, we were able to improve the performance of the hotel. It is with great pride that we pass ownership of the property to GIC Real Estate, a long-term investor in Japan, and a close partner of both Morgan Stanley and Starwood Capital.” Miguel Ko, President, Asia-Pacific, Starwood Hotels & Resorts Worldwide, Inc., said, "We enjoy a close relationship with GIC Real Estate as we operate several of the hotels in their global portfolio such as The Westin Sydney and The Westin Paris. We look forward to building upon this long-term relationship and are confident that The Westin Tokyo will be well-poised to capitalise on the increasing number of tourists to Japan." Prior to the sale, affiliates of Starwood Capital and one of Morgan Stanley’s real estate funds each owned a 50 percent stake in the hotel and the associated operating business, both of which were included in the transaction. During that time, Starwood Capital and Morgan Stanley embarked on a capital investment program focused on renovating the property and improving its operations. About GIC Real Estate About Morgan Stanley Real Estate About Morgan Stanley About Starwood Capital Group Global, LLC Starwood has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, Europe’s second largest hotel network; iStar Financial (NYSE: SFI), the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide (NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; Equity Residential Properties Trust (NYSE:EQR), one of the premier US multifamily REITs; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., who, together with its private sister company, owned, leased or managed 255 golf courses. For further information, please contact: Starwood Capital GIC Real Estate Pte Ltd GIC Real Estate Pte Ltd |
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