According to media reports, under the deal, ANA will sell its stakes in ANA Property Management Co. Ltd., ANA Hotel Management Co. Ltd. and subsidiary companies of 13 hotels as of June 1 for ¥281.3 billion or $2.4 billion. New additions to the portfolio of Morgan Stanley, which has been raising an $8 billion global property fund this year, will include ANA Hotel Tokyo in Minato ward, a prime Tokyo business district, and Okinawa Harborview Hotel on Japan’s southern island of Okinawa known for sandy beaches.
Morgan Stanley, one of the first investors to begin buying Japanese properties, already has interests in 14 hotels in Japan.
“This transaction highlights Morgan Stanley’s continued long-term commitment to investing in Japan and optimistic outlook for the nation’s economy and hotel industry,” Morgan Stanley said in a news release.
ANA will remain an operator of the hotels through its unit IHG ANA Hotels Group. Morgan Stanley said its hotel management affiliate, Panorama Hospitality, will work with IHG ANA Hotels to boost value at the properties.
“The office and residential markets, especially in Tokyo, are quite overheated and investors are shifting their focus to higher-yielding assets,” reportedly said Masahiro Yoshioka, a partner at management consultancy KPMG FAS Co. “There aren't many such large-scale property deals, and this was probably a great investment opportunity.”
Source : http://www.eyefortravel.com/index.asp?news=55533
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