Sonesta Announces Purchase of Sonesta Bayfront Hotel Coconut Grove (United States)
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Sonesta Announces Purchase of Sonesta Bayfront Hotel Coconut Grove (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-06-30
Sonesta International Hotels Corporation /quotes/comstock/15*!snst.a/quotes/nls/snsta (SNSTA 14.70, 0.00, 0.00%) (the "Company") has entered into agreements to purchase Sonesta Bayfront Hotel Coconut Grove, and plans to close the transaction on July 1, 2010. The Hotel has been operated by the Company under a management agreement since its opening in April 2002. Sonesta Bayfront Hotel Coconut Grove is a condominium hotel. 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.
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