Sonesta Announces 2010 Third Quarter Earnings

BOSTON, Nov 12, 2010 (GlobeNewswire via COMTEX) -- Sonesta International Hotels Corporation  today reported a net loss of $589,000, or $(0.16) per share, in the quarter ended September 30, 2010, compared to net income of $27,379,000, or $7.41 per share, in the quarter ended September 30, 2009. Operating revenues, excluding other revenues from managed and affiliated properties, were $17,737,000 in the 2010 quarter, compared to $14,517,000 in the 2009 quarter. The Company had an operating loss of $443,000 in the third quarter of 2010, compared to operating income of $148,000 during the same period in 2009.

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Sonesta Announces Purchase of Sonesta Bayfront Hotel Coconut Grove

BOSTON, Jun 29, 2010 (GlobeNewswire via COMTEX) -- 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

Sonesta International Hotels Corp. Reports Operating Results

Business levels at the Company s owned and leased hotels improved during the first quarter of 2010 compared to the same quarter in 2009. Operating losses at Royal Sonesta Hotel Boston decreased from $1,513,000 in the first quarter of 2009 to $1,405,000 in the 2010 first quarter, a decrease of $108,000. Royal Sonesta New Orleans recorded operating income of $1,137,000 in the 2010 first quarter compared to $199,000 last year, representing an increase of $938,000. This increase was the result of a 12% revenue increase, and lower rent expense. Operating losses from management activities decreased by $270,000 to $883,000 in the 2010 first quarter, due to increased management income from the Company s hotels and ships in Egypt as well as increased franchise income. Interest expense decreased following the refinancing of the mortgage loan secured by Royal Sonesta Hotel Boston in February 2010. A detailed analysis of the revenues and income by location follows.

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Sonesta Beach Hotel Sold, To Be Razed

MIAMI-Consultatio S.A., an Argentine development group, has acquired Key Biscayne’s Sonesta Beach Hotel property for $78 million, a deep discount from its 2005 value of $120 million. Consultatio and affiliate Key Biscayne Consultatio plan to demolish the 40-year-old hotel and build a 165-unit ultra-luxury condominium when the high-end housing market rebounds.

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Sonesta Announces Contract to Sell Key Biscayne Property

BOSTON, Sept. 2, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA - News) (the "Company") announced today that SBR-Fortune Associates LLLP (the "Partnership"), the partnership in which its wholly-owned subsidiary is a 50% limited partner, has entered into a contract to sell the land and improvements formerly comprising Sonesta Beach Resort, in Key Biscayne, Florida (the "Property"), for a price of $78 million. The buyer is a real estate developer based in Argentina

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Sonesta International Hotels Announces Domestic Hotel Franchise Program

Sonesta reports first quarter earnings

In the first quarter of 2009 the Company recorded net loss of $2,212,000, or $(0.60) per share, compared to net income of $90,000, or $0.02 per share, during the first quarter of 2008.
The ongoing economic recession seriously affected the Company’s business in the 2009 first quarter. Operating income at the Company’s Royal Sonesta Hotel Boston decreased by $787,000 in the first quarter of 2009 compared to last year. Income from management activities decreased by $1,321,000 in the 2009 quarter compared to last year, due to lower fee income from Sonesta Bayfront Hotel Coconut Grove, lower fee income from the Company’s operations in Egypt and due to the fact that the management agreement for Trump International Sonesta Beach Resort Sunny Isles was terminated effective April 1, 2008. In addition, interest income decreased by $248,000, primarily due to lower income earned on the Company’s cash balances resulting from lower rates of return. A detailed analysis of the revenues and income by location follows.

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