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Morgan Stanley Creates Hotel Management Company, Panorama
 Hospitality K.K., to Manage 13 Hotels in Japan and Asia Pacific

Kyodo News International, Tokyo
Knight Ridder/Tribune Business News

Sep. 30, 2005 - TOKYO -- U.S. investment bank Morgan Stanley said Friday it has established a company in Japan to manage a portfolio of 13 hotels in Japan and the Asia-Pacific region acquired by its real estate funds since 2003.

With the hotel business attracting Japanese and overseas investment funds, Morgan Stanley's realty funds plan to spend up to 300 billion yen to acquire more hotels in Japan, according to company officials.

The 13 hotels include the Westin Tokyo and the Shin-Kobe Oriental in Japan and the Royal Pines Resort in Australia.

The new company, Panorama Hospitality K.K., has begun servicing a hotel portfolio of more than 2,800 rooms, 1,800 employees and 25 billion yen in revenues, Morgan Stanley said.

The number of rooms is planned to rise to 10,000 within a few years through the acquisition of more hotels.


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