NYC investor sells Japanese hotel for $166m
Morgan Stanley is in contracts to sell the 609-room Loisir Hotel & Spa Tower Naha in Japan. The new owner will be United Urban Investment. The sales price is more than $166 million, nearly doubling the price, $86.8 million, Morgan Stanley paid in 2013 for the asset. The property consists of two buildings: Loisir Hotel Naha (Main Building), which was completed in 1992, and the Annex (Loisir Spa Tower Naha [Spa Tower] and Loisir Hotel Naha East [East]), which was completed in 2009. With a total of 602 guest rooms, the property is one of the largest hotels in Okinawa. The resort hotel features the only natural hot-spring facilities in Naha City, as well as leisure facilities that include indoor and outdoor pools and spa. The full-service hotel also can satisfy a wide range of needs from business conventions to wedding and parties with a main banquet hall that accommodates up to approximately 1,000 people, which is rare in Okinawa.