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and Glenmont Capital Management, LLC to Rebrand the the Former
Sheraton Orlando Downtown Hotel as Sonesta Hotel Orlando Downtown
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News for the Hospitality Executive |
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BOSTON, Dec. 23, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) today announced the company's first property in its new US franchise program, the Sonesta Hotel Orlando Downtown. Effective January 17, 2010, the 341-room, upscale hotel will operate under the Sonesta flag. The announcement of the 31st Sonesta hotel worldwide, is the result of the recent franchise agreement between Sonesta Franchise Corporation, a subsidiary of Sonesta International Hotels Corporation, and owner RSLLC Orlando Downtown Hotel, LLC, a joint venture comprised of affiliates of Glenmont Capital Management, LLC and Resolution Services, LLC. The hotel, which recently underwent an extensive $10 million renovation, currently boasts a rooftop heated pool with dramatic views from downtown of the Orlando skyline, fitness center, club level with private lounge, updated guest rooms offering wireless high speed internet, and a contemporary lobby. Dining options include a full service restaurant, lobby lounge and coffee bar. The hotel also features 20,000 square feet of meeting space for groups of up to 500 guests. An additional four million dollars will be invested by the hotel's owner to rebrand the hotel to Sonesta standards, including 37 inch LCD-HD televisions and Sonesta's luxurious bedding package with 250-thread count Egyptian cotton sheets and hypo-allergenic European down blankets and pillows. "Sonesta is pleased to welcome the Sonesta Hotel Orlando Downtown into our collection. As our first domestic franchise since the launch of Sonesta's US franchise program earlier this year, this attractive upscale property represents a new era for Sonesta as our company embarks on its exciting domestic expansion. We are also very happy to be working with the partnership of Glenmont Capital LLC, and Resolutions Services LLC as our first Sonesta US franchisee, as they clearly share our vision and overriding commitment to quality and excellence. We look forward to a long and successful relationship," commented Philip M. Silberstein, Sonesta's executive vice president of development. Overlooking Orlando's Lake Ivanhoe, the Sonesta Hotel Orlando Downtown is located in the city's business district near the arts center, and provides easy access to the Citrus Bowl, the Amway Arena and the new Amway Center. Orlando's Universal Studios, Islands of Adventure and The History Center are close by while the city's international airport is just 14 miles away. "We are proud to be the first US Sonesta franchised hotel and look forward to expanding our relationship as Sonesta continues to grow the brand," said Larry Kestin, Managing Principal of Glenmont Capital Management, LLC. "Glenmont has always pursued opportunities to acquire quality yet distressed and underperforming assets, and through its hands-on entrepreneurial ownership, reposition those assets to a higher level of profitability. We believe Sonesta represents the perfect partner in light of its shared vision for the hotel and its similar entrepreneurial and flexible approach to its business." About Glenmont Capital Management, LLC Glenmont Capital Management, LLC is an institutional private equity firm investing in middle market, opportunistic real estate and real estate related investments primarily throughout the United States. Since its inception, Glenmont has invested well in excess of $1 billion of joint venture transactions through its discretionary investment funds, which own multifamily, hotel, industrial, retail, and other properties. Glenmont deploys its equity capital through the private equity funds it manages, which are comprised primarily of prominent institutional investors, including pension plans of Fortune 500 companies, university endowments, and foundations. The senior principals of Glenmont have developed a unique combination of an entrepreneurial platform with institutional capital and discipline. www.glenmontcapital.com. About Resolution Services, LLC Resolution Services, LLC was launched by Ewoldt International, LLC and its principals Eric M. Ewoldt and Jay Litt, along with Edward J. Miller of California Coast Companies. Resolution Services LLC partners and executives have a long track record of developing, managing and operating hotels, resorts, hotel chains, marinas, residential, commercial, shopping and mixed use developments. RSLLC specializes in representing equity funds, lenders and high net worth owners, in addition to supporting international law firms on complex troubled assets and portfolios. www.resolutionservicesllc.com. About Sonesta Sonesta Collection is a distinctive international collection of upscale hotels, resorts and cruise ships. Every property reflects the energy, style and spirit of its location. Locally-inspired and artfully-presented cuisine, luxurious accommodations and passionate personal service create an authentic and memorable guest experience. Discover the Sonesta Collection in Boston, New Orleans, Miami, St. Maarten (2), Brazil (2), Chile (3), Colombia, Peru (7), and Egypt (13). Look for Sonesta opening soon in Jaco Beach, Costa Rica; Rosario and Ushuaia, Argentina; Barranquilla and Cartagena, Colombia; Miami, FL; and San Carlos, Mexico. Visit www.Sonesta.com or call 800.Sonesta (800.766.3782) in the U.S. and Canada. |
| Contact: Sonesta International Hotels Corporation Lorie Juliano Corporate Director of Media Relations 617.421.5429 [email protected] www.Sonesta.com |