Fortress Investment Group LLC completed its acquisition of the Sheraton Grande Tokyo Bay Hotel in the Tokyo Disney Resort area for some 50 billion yen by Thursday, according to media reports.
In February 2007, Morgan Stanley Real Estate and Starwood bought the "official Tokyo Disney Resort hotel" from Taisei Corp, Japan's leading construction company with cash and loans. The loans were then securitized, and commercial-mortgage-backed securities were sold to institutional investors.
At the Lehman crisis, property prices plummeted and the Morgan Stanley-Starwood team gave up on rolling over loans. So the hotel's ownership was transferred to CMBS-holding creditors, who had since sought a new buyer.
Fortress is believed to be keeping the hotel's name unchanged and retaining Starwood Hotels & Resorts Worldwide Inc. as its operator. Fortress had set up a fund dedicated to Japanese assets, primarily real estate, in 2010.
Real estate transactions climbed to 2.36 trillion yen in the first six months of this year, the highest level since 2005, according to the Urban Research Institute. The first-half tally stood at 1.75 trillion yen in 2008.
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