Morgan Stanley, one of the most aggressive buyers of real estate in Japan and around the world in the past decade, reportedly might be forced to turn a $2.4 billion Japanese hotel chain over to creditors when the debt becomes due in April. The company acquired the ANA chain, including 13 hotels and two property management units, from All Nippon Airways Co. in 2007, and a third lender, sovereign wealth fund Government of Singapore Investment Corp., has expressed interest in taking over the full-service hotels.

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