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Singapore's GIC to buy 51% of Sheraton Grande Tokyo Bay Hotel for $460m

Sovereign wealth fund eyes inbound tourist demand

Sheraton Grande Tokyo Bay Hotel is a popular hotel next to Tokyo Disney Resort.

SINGAPORE -- Singaporean sovereign wealth fund GIC announced Thursday it would invest approximately $460 million in a 51% stake in Sheraton Grande Tokyo Bay Hotel in Japan.

GIC will acquire the majority stake through a joint venture to be set up with Invincible Investment Corporation, a hotel and residential real estate investment trust listed on the Tokyo Stock Exchange. Invincible will take the remaining 49% of the property. The property is currently owned by investment management firm Fortress Investment Group.

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