News for the Hospitality Executive
Sonesta International Hotels Acquiring 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
upscale hotels, resorts and cruise ships. Every property reflects the
style and spirit of its location. Locally-inspired and
cuisine, luxurious accommodations and passionate personal service
an authentic and memorable guest experience. Discover the Sonesta
in Boston, New Orleans, Miami, Orlando, St. Maarten (2), Brazil (2),
(3), Colombia (2), Peru (7), and Egypt (13). Opening soon in:
Colombia; Miami, FL; and San Carlos, Mexico. Visit Sonesta.com or call
800.Sonesta (800.766.3782) in the U.S. and Canada.
Sonesta International Hotels Corporation
|Also See:||Wavestone Properties Appoints Sonesta International Hotels to Operate the 249 room Miami Sole on the Ocean Condo/Hotel / October 2008|
|Sonesta International Hotels Developing a Domestic Hotel Franchise Program / June 2009|