Morgan Stanley Buying Hotels - TheStreet

Morgan Stanley Buying Hotels

They're in Japan.
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Morgan Stanley

(MS) - Get Report

is buying 13 hotels from Japanese carrier All Nippon Airways for $2.4 billion.

The deal will roughly double the investment bank's portfolio of hotels in Japan. The purchase, to be completed June 1, includes high-end hotels in Tokyo, the resort island of Okinawa as well as northern and southern Japan, the Associated Press reported.

"This transaction highlights Morgan Stanley's continued long-term commitment to investing in Japan and optimistic outlook for the nation's economy and hotel industry," Morgan Stanley said in a news release.