Sonesta (SNSTA) Announces Contract to Sell Key Biscayne Property For $78M
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Sonesta International Hotels Corporation (Nasdaq: SNSTA) announced today that SBR-Fortune Associates LLLP, 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, for a price of $78 million. The buyer is a real estate developer based in Argentina.
In April 2005, the Company contributed the Property to the partnership, and the hotel subsequently closed in August 2006. In June 2009, the partners amended their partnership agreement and agreed, among other things, to sell the Property, subject to certain conditions.
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