KEY BISCAYNE, FL— Sonesta International Hotels Corp. has completed the sale of Sonesta Beach Resort here to a Partnership between Sonesta and Fortune International, a Miami-based real estate development and brokerage firm. As part of the $120,000,000 transaction, Sonesta received $30,000,000 in cash at closing, and a $30,000,000 mortgage loan on the hotel was discharged. Sonesta has also received a 50% limited partner interest in the Partnership and will receive the first $60,000,000 of net condominium sales proceeds after repayment of construction debt. The new Partnership, SBR-Fortune Associates, LLLP, which will be headed by Fortune, will redevelop the Sonesta Beach Resort as a super luxury 300-plus room condominium hotel and residences. The existing Sonesta Beach Resort will remain in operation through August 2006, when construction of the new hotel and residences is expected to begin. The new resort will feature oversized guest rooms, restaurants, meeting/function space, deluxe spa and fitness facility, and other facilities and amenities customary to the finest resorts in South Florida. Fortune International will have sole responsibility for arranging financing and completing construction of the new Sonesta development.
