Sheraton Tokyo Bay Acquired by Morgan Stanley and Starwood
SINGAPORE, February 26, 2007. Starwood Hotels & Resorts Worldwide, Inc.(R) (NYSE: HOT) and a fund managed by Morgan Stanley Real Estate have entered into a definitive joint venture agreement to acquire the Sheraton(R) Grande Tokyo Bay Hotel from Taisei Corporation Group, with a closing of the acquisition expected before the end of March 2007. The fund, managed by Morgan Stanley Real Estate, will own approximately 75% of the joint venture and Starwood will own approximately 25%.
The 802-room Sheraton Grande Tokyo Bay has been managed by Starwood(R) since its opening in 1988 and will continue to be operated by Starwood under a long-term management agreement with the joint venture.
The Sheraton Grande Tokyo Bay is located in the Tokyo Disney Resort area and offers guests direct access to Disney via monorail. One of the five official Tokyo Disney hotels, the Sheraton Grande Tokyo Bay offers sweeping views of Tokyo Bay and Tokyo Disneyland. The hotel is a leading wedding facility in Japan, with two chapels and 13 event rooms. Other amenities include eight restaurants, the Oasis sport and recreation complex, indoor and outdoor pools.
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 theater 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.
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