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Singapore GIC buys Tokyo hotel from Morgan Stanley, Starwood

Tue Feb 26, 2008 1:11am EST

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SINGAPORE, Feb 26 (Reuters) - GIC Real Estate, the property investment arm of the Government of Singapore Investment Corp (GIC), said on Tuesday it has bought the Westin Tokyo hotel from funds managed by Starwood Capital and Morgan Stanley (MS.N).

The 438-room, five-star hotel will continue to be operated by Starwood Hotels and Resorts (HOT.N) under the Westin brand name, GIC Real Estate said in a statement.

The Singapore firm did not disclose the purchase price but the Nikkei financial daily reported earlier this month that the deal was worth 77 billion yen ($717 million).

(Reporting by Daryl Loo; editing by Kevin Lim)



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