Starwood Purchases Tokyo Sheraton

Starwood Hotels & Resorts and Morgan Stanley Real Estate have formed a joint venture to buy the 802-room Sheraton Grande Tokyo Bay. Starwood has been managing the property since 1988 and will continue that operation under the joint venture. The property is in the Tokyo Disney Resort area and offers guests direct access to Disney via the monorail system. It's one of five official Tokyo Disney properties. New additions to Tokyo Disney are expected to increase the number of visitors. Details of the purchasing price were not disclosed, but the acquisition is slated to close in March.

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