Japanese developer to buy large stake in Imperial Hotel

10/1/2007 | Wall Street Journal, The

Mitsui Fudosan, Japan's largest real-estate developer as measured by sales, says it will buy a 33.16% stake in upscale hotel operator Imperial Hotel Ltd., making it the company's largest shareholder. The seller is Kokusai Kogyo Co., which currently has a 40% stake in Imperial Hotel. Kokusai Kogyo is controlled by U.S. investment fund Cerberus Capital Management LP.

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