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News Breaks
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June 29, 2010
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| 16:00 EDT |  | SNSTA |
| theflyonthewall.com: | Sonesta Hotels announces purchase of Sonesta Bayfront Hotel Coconut Grove | | Sonesta International Hotels has entered into agreements to purchase Sonesta Bayfront Hotel Coconut Grove, and plans to close the transaction on July 1. 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 $6.5M first mortgage loan, and pay cash of approximately $1.4M. 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. :theflyonthewall.com |
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