The 438-room, five-star hotel will continue to be operated by Starwood Hotels and Resorts under its Westin brand. It is located in the Ebisu neighborhood in the heart of Tokyo. Starwood currently manages several properties owned by Government of Singapore Investment Corp., including the Westin Sydney and Westin Paris.

Morgan Stanley and Starwood purchased the Tokyo Westin in Dec. 2004 from Japanese brewer Sapporo Holdings. At the time, the price was estimated at 50 billion yen, according to published reports. If the reported figures are correct, that would be a 50% return on the companies' investment over four years. Officials with both companies could not be reached for comment by press time.

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