Another of the "trophy" properties that corporate Japan acquired during the late 1980s has changed hands. Through a U.S. subsidiary, NIPPON LIFE INSURANCE CO. sold the Century Plaza Hotel and Tower for $260 million to a group of private investors. Whether Japan's biggest insurance company made money on the sale of the 1,046-room luxury hotel, a Los Angeles landmark, or even covered its acquisition and renovation costs is the subject of some debate in the real estate community. Regardless, Nippon Life, no less in need of money than other Japanese life insurers, decided to capitalize on the strong U.S. property market.
An exchange rate of ¥120=$1.00 was used in this report.aaaaaa