JOINT PRESS RELEASEGIC Real Estate Acquires The Westin Tokyo from
Morgan Stanley Fund and Starwood Capital Group Funds
Tokyo – February 26, 2008 – GIC Real Estate, the property investment arm of
the Government of Singapore Investment Corporation, Starwood Capital Group
Global, LLC and Morgan Stanley Capital K.K. announced today that an affiliate of
GIC Real Estate has completed the transaction to purchase The Westin Tokyo
from a special purpose company owned by real estate funds managed by
Starwood Capital and a real estate fund managed by Morgan Stanley.
The hotel will continue to be operated by Starwood Hotels and Resorts under its
Westin brand.
The Westin Tokyo is a freehold, 438-room, five-star hotel located in the heart ofTokyo, in close vicinity of the city’s famous entertainment town of Roppongi andthe shopping area of Shibuya/Harajuku streets. The hotel is surrounded by thesophisticated Ebisu neighbourhood and located adjacent to Yebisu Garden Placecomplex.
One of the city’s most popular hotel destinations, The Westin Tokyo brings
together world-class dining, superior event and banquet facilities, as well as a
new top-of-the-line Le Spa Parisien under one roof.
“Given the successful working relationship between the investors, our hotel asset
management affiliate Panorama Hospitality, K.K., and Starwood Hotels andResorts, we are happy to have found GIC Real Estate to take ownership of thislandmark property,” said Sean Williams, a Managing Director at Morgan Stanley
Capital K.K. “The transaction also demonstrates Morgan Stanley’s continued
confidence in managing hotel investments.”“We are extremely pleased to have reached this agreement with GIC Real Estate,
which is acquiring one of the real jewels of Tokyo’s skyline,” said Jeffrey Dishner,a Senior Managing Director at Starwood Capital Group. “Along with Morgan
Stanley, we made this investment in December of 2004, and together, throughour partnership with the team at Westin, we were able to improve theperformance of the hotel. It is with great pride that we pass ownership of theproperty to GIC Real Estate, a long-term investor in Japan, and a close partner ofboth Morgan Stanley and Starwood Capital.”Miguel Ko, President, Asia-Pacific, Starwood Hotels & Resorts Worldwide, Inc.,said, "We enjoy a close relationship with GIC Real Estate as we operate severalof the hotels in their global portfolio such as The Westin Sydney and The Westin
Paris. We look forward to building upon this long-term relationship and are
confident that The Westin Tokyo will be well-poised to capitalise on theincreasing number of tourists to Japan."Prior to the sale, affiliates of Starwood Capital and one of Morgan Stanley’s realestate funds each owned a 50 percent stake in the hotel and the associatedoperating business, both of which were included in the transaction. During thattime, Starwood Capital and Morgan Stanley embarked on a capital investment
program focused on renovating the property and improving its operations.
About GIC Real Estate
GIC Real Estate is the real estate investment arm of the Government of Singapore Investment
Corporation. GIC Real Estate manages a multi billion dollar portfolio of direct and indirect
property investments with over 200 investments in more than 30 countries. It is one of the largest
institutional investors in Asia and currently ranks amongst the world’s top 10 global real estate
investment firms. For more information on GIC Real Estate please visit www.gicre.com.

About Morgan Stanley Real Estate
Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Bankingand Lending. Since 1991, Morgan Stanley Real Estate has acquired $158.1 billion of real estate
assets worldwide and currently manages $88.3 billion in real estate assets on behalf of its clients.
Morgan Stanley Capital K.K. provides advisory services to real estate funds managed by Morgan
Stanley upon their investments in properties or any other assets relating to properties located inJapan. MSC also provides asset advisory services regarding properties acquired by the funds. A
complete range of market-leading investment banking services for real estate clients include
advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public andprivate debt and equity financings. As a global leader in real estate lending, Morgan Stanley hasoffered approximately $199.6 billion of CMBS through the capital markets since 1997, including$36.1 billion through the third quarter of 2007.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range ofinvestment banking, securities, investment management and wealth management services. The
Firm's employees serve clients worldwide including corporations, governments, institutions andindividuals from more than 600 offices in 33 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.

About Starwood Capital Group Global, LLC
Starwood Capital Group Global, LLC is a privately-held global real estate investment firm basedin Greenwich, CT (with its predecessor Starwood affiliates “Starwood”). Founded in 1991,
Starwood specializes in the creation and acquisition of real estate-related investments on behalf

of commingled investment vehicles that are sponsored and created by Starwood or its affiliatedentities. Such real estate-related investments include residential and commercial landdevelopment, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf andmezzanine debt. Starwood’s clients include public and private retirement programs, university
endowments, foundations, international and high net worth investors. During the past sixteen
years Starwood and its affiliates have invested approximately $6 billion of equity capital intransactions representing over $30 billion of asset value.
Starwood has led the formation and/or growth of several market leading companies includingGroupe Taittinger and Société du Louvre, Europe’s second largest hotel network; iStar Financial(NYSE: SFI), the leading publicly traded finance company specializing in commercial real estate
mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide(NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels & Resorts which wasmerged into Starwood Hotels & Resorts Worldwide in January 1998; Equity Residential
Properties Trust (NYSE:EQR), one of the premier US multifamily REITs; and National Golf
Properties/American Golf Corporation, the largest owner/operator of golf courses and related
facilities in the U.S., who, together with its private sister company, owned, leased or managed
255 golf courses.
###For further information, please contact:
Morgan Stanley
Corporate Communications
Mika Watanabe 81-3-5424-5019
Natsuo Nishio 81-3-5424-5020
Starwood Capital
Tom Johnson
Abernathy MacGregor Group(212) 371-5999
GIC Real Estate Pte Ltd
Ms Mah Lay Choon
Vice President,Corporate Communications
Administration and Corporate Affairs
GIC Real Estate Pte Ltd
168 Robinson Road #37-01
Capital Tower
Singapore 068912
Tel: (65) 6889 6841
mahlaychoon@gic.com.sg