The sell-off of what 10 years ago was corporate Japan's extensive portfolio of U.S. properties continues building by building as companies attempt to lighten their debt burden. In one of the latest deals, midsize contractor FUJITA CORP. agreed to sell the Miramar Sheraton Hotel in Santa Monica, California to MARITZ, WOLFF & CO. The price is thought to be more than $92.6 million. The Los Angeles-based investment group is a major shareholder in the company that manages the Four Seasons and Fairmont hotel chains.
An exchange rate of ¥108=$1.00 was used in this report.