In a break with the typical story of financially strapped Japanese companies pulling out of the American real estate market, the NOMURA INVESTMENT CO. unit of NOMURA SECURITIES CO., LTD. bought into the developer and operator of the Woodfin Suite Hotels for business travelers. Nomura Investment acquired 35 percent of HARDAGE SUITE HOTELS LLC for $81.5 million. It also is making available to the San Diego, California company $405.5 million in construction, acquisition and permanent-loan financing. Hardage will use this money to expand the chain. It has the ambitious goal of building one new Woodfin Suite Hotel a month over the next five years.
An exchange rate of ¥135=$1.00 was used in this report.