US investment banking giant Morgan Stanley said Friday that it will buy 13 Japanese hotels owned by All Nippon Airways Co for a record 281.3 billion yen (2.4 billion dollars). The transaction is believed to be the largest real estate deal in Japanese history.
"The acquisition will build on Morgan Stanley's global hotel investment strategy and represents a unique opportunity to expand its portfolio of high quality properties in key cities in Japan," Morgan Stanley said in a statement.
Morgan Stanley will acquire such properties as the flagship ANA Intercontinental Tokyo hotel in the capital Tokyo as well as the Manza Beach Hotel and Resort in the southern Japanese island of Okinawa.
ANA, Japan's second largest carrier, said it expected a one-off profit from the sale but that it was still calculating the exact amount. The hotels will be operated by IHG ANA Hotels Group Japan, a joint venture between the airline and the Intercontinental hotel chain, Morgan Stanley said.
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