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Sonesta International Hotels Acquiring the
Restaurant
and the
Condo Rental Program at the Sonesta Bayfront Hotel
in Coconut Grove, Florida
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News for the Hospitality Executive |
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Sonesta International Hotels Acquiring the
Restaurant
and the
Condo Rental Program at the Sonesta Bayfront Hotel
in Coconut Grove, Florida
 Boston,
MA – June 29, 2010 - Sonesta (NASDAQ:Global SNSTA) announced today that
it has agreed to purchase the Sonesta Bayfront Hotel Coconut Grove,
which
Sonesta has operated since the hotel opened in April, 2002. The
hotel
is a condo-hotel; and the purchase and sale agreement includes the
acquisition
of the restaurant and other hotel facilities, and the rental
program.
Sonesta expects to close the purchase July 1, 2010.
The company will acquire the "Hotel Lot", which includes the restaurant and other hotel facilities, and the right to operate the Hotel. At closing, the company will assume a $6,500,000 first mortgage loan, and pay cash of approximately $1,400,000. In addition, the Company will assume the Hotel's working capital. The seller will be entitled to a percentage of net operating income, as defined, for an eleven year period starting January 1, 2010. “We have enjoyed a successful relationship with Ricardo Dunin and the Mutiny on the Park community,” said Stephanie Sonnabend, president and CEO for Sonesta. “We love being associated with this property, and its purchase assures our continued presence in the Miami market for the long-term.” Sonesta Bayfront Hotel Coconut Grove (aka Mutiny Park condominiums) is a green-friendly, 22-story boutique-style hotel located in the heart of Coconut Grove at 2889 McFarlane Road, just steps away from the fashionable shopping, dining and nightlife of CocoWalk and minutes away from Coral Gables, downtown Miami, Key Biscayne and South Beach. The hotel is a member of the State of Florida’s Green Lodging Program. It offers 205 contemporary-styled guestrooms and suites, many of which have bay and ocean views, with private balconies and high-tech conveniences. It features 12,500 square feet of flexible meeting space. The hotel is also home to the award-winning Panorama Restaurant & Sky Lounge, celebrated for its Peruvian cuisine. The 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, Orlando, St. Maarten (2), Brazil (2),
Chile
(3), Colombia (2), Peru (7), and Egypt (13). Opening soon in:
Cartagena,
Colombia; Miami, FL; and San Carlos, Mexico. Visit Sonesta.com or call
800.Sonesta (800.766.3782) in the U.S. and Canada.
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| Contact:
Sonesta International Hotels Corporation
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