Morgan Stanley has won an agreement with creditors on a 60-day extension on 225 billion yen ($2.41 billion) in loans used for a troubled investment in hotels in Japan, two sources with knowledge of the deal said.

Morgan Stanley bought a chain of 13 hotels from All Nippon Airways <9202.T> near the peak of the market in 2007 for about 280 billion yen. Property values have since fallen sharply in the wake of the financial crisis, and the value of the hotels is thought to be well below that of the debt.

Citigroup Inc , Shinsei Bank <8303.T> and Singapore sovereign wealth fund GIC have agreed to extend the maturity date beyond an April 25 deadline, said the two sources, who were not authorized to speak publicly about the transaction.

Morgan Stanley will work with the lenders on a new transaction during the extension period, the sources said. The new deal could involve bringing in a new equity investor, one of the sources said.

Officials for Morgan Stanley, Citigroup, Shinsei and GIC all declined to comment.

The hotel chain, which includes ANA Intercontinental Tokyo in Tokyo's Roppongi area, and two hotels in resort areas in Okinawa, is now likely worth about 150 billion yen, according to the estimates of two bankers who are not directly involved in the deal.

(Reporting by Junko Fujita; Editing by Nathan Layne)