The FINANCIAL — GIC , the arm of the , Starwood Capital Group Global, LLC and Capital K.K. announced on February 26 that an affiliate of GIC has completed the transaction to purchase The Westin Tokyo from a special purpose company owned by funds managed by Starwood Capital and a fund managed by .

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The hotel will continue to be operated by Starwood Hotels and Resorts under its Westin brand.

The Westin Tokyo is a freehold, 438-room, five-star hotel located in the heart of Tokyo, in close vicinity of the city’s famous entertainment town of Roppongi and the shopping area of Shibuya/Harajuku streets. The hotel is surrounded by the sophisticated Ebisu neighbourhood and located adjacent to Yebisu Garden Place complex.

One of the city’s most popular hotel destinations, The Westin Tokyo brings together world-class dining, superior event and banquet facilities, as well as a new top-of-the-line Le Spa Parisien under one roof.

“Given the successful working relationship between the investors, our hotel affiliate Panorama Hospitality, K.K., and Starwood Hotels and Resorts, we are happy to have found GIC to take ownership of this landmark property,” said Sean Williams, a at Capital K.K. “The transaction also demonstrates ’s continued confidence in managing hotel investments.”

“We are extremely pleased to have reached this agreement with GIC , which is acquiring one of the real jewels of Tokyo’s skyline,” said Jeffrey Dishner, a Senior at Starwood Capital Group.  “Along with , we made this investment in December of 2004, and together, through our partnership with the team at Westin, we were able to improve the performance of the hotel.  It is with great pride that we pass ownership of the property to GIC , a long-term investor in Japan, and a close partner of both and Starwood Capital.”

Miguel Ko, President, Asia-Pacific, Starwood Hotels %26amp; Resorts Worldwide, Inc., said, We enjoy a close relationship with GIC as we operate several of the hotels in their global portfolio such as The Westin Sydney and The Westin Paris.  We look forward to building upon this long-term relationship and are confident that The Westin Tokyo will be well-poised to capitalise on the increasing number of tourists to Japan.

Prior to the sale, affiliates of Starwood Capital and one of ’s funds each owned a 50 percent in the hotel and the associated operating business, both of which were included in the transaction.  During that time, Starwood Capital and embarked on a capital investment program focused on renovating the property and improving its operations.

About GIC

GIC is the investment arm of the . GIC manages a multi billion dollar portfolio of direct and indirect with over 200 investments in more than 30 countries.  It is one of the largest investors in Asia and currently ranks amongst the world’s top 10 global . 

About

is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, has acquired $158.1 billion of worldwide and currently manages $88.3 billion in on behalf of its clients. Capital K.K. provides advisory services to funds managed by upon their investments in properties or any other relating to properties located in Japan. MSC also provides asset advisory services regarding properties acquired by the funds. A complete range of market-leading services for clients include advice on strategy, mergers, and restructurings, as well as underwriting public and private debt and equity financings. As a global leader in lending, has offered approximately $199.6 billion of CMBS through the capital markets since 1997, including $36.1 billion through the third quarter of 2007.

About

(NYSE: MS) is a leading global financial services firm providing a wide range of , securities, and wealth management services.  The Firms employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries.

About Starwood Capital Group Global, LLC

Starwood Capital Group Global, LLC is a privately-held global based in Greenwich, CT (with its predecessor Starwood affiliates “Starwood”).  Founded in 1991, Starwood specializes in the creation and acquisition of -related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated .  Such -related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood’s clients include public and private retirement programs, university endowments, foundations, and high net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of in transactions representing over $30 billion of .

Starwood has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, ’s second largest hotel network; iStar Financial (NYSE: SFI), the leading publicly traded finance company specializing in commercial mortgage, mezzanine and net lease financing; Starwood Hotels %26amp; Resorts Worldwide (NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels %26amp; Resorts which was merged into Starwood Hotels %26amp; Resorts Worldwide in January 1998; Equity Residential Properties Trust (NYSE:EQR), one of the premier US multifamily REITs; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., who, together with its private sister company, owned, leased or managed 255 golf courses.

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