| From Reuters: Morgan Stanley may hand over to creditors its $2.4 billion investment in a chain of Japanese hotels when the debt becomes due in April. Singapore sovereign wealth fund GIC, is interested in taking over the hotels from Morgan Stanley and is currently in discussions with the other lenders
Morgan Stanley acquired the chain of 13 hotels from All Nippon Airways in 2007, in what was then the biggest hotel transaction in Asia. Since then, property prices worldwide have dropped sharply, hit by the global financial crisis.........................................Full Article: Source
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