BOSTON, Sept. 25, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) (the "Company") announced today that, at a meeting on September 10, 2009, its Board of Directors approved the payment of a special dividend of $1.00 per share on the Company's Common Stock. Payment of the special dividend will be made November 9, 2009 to shareholders of record on October 23, 2009.
Sonesta's Board conditioned payment of the special dividend on the closing of the sale of the land and improvements in Key Biscayne, Florida, formerly operated as Sonesta Beach Resort Key Biscayne, and the Company's receipt of its share of sale proceeds. SBR-Fortune Associates, LLLP (the "Partnership"), in which Sonesta is a 50% limited partner, owned the site. The Partnership announced on September 2, 2009 that it had entered into a contract to sell the site to an Argentinean real estate developer. The sale was closed on September 24, 2009 and the Company has received $12,075,979 representing its share of sale proceeds, including repayment of advances made to the Partnership.
For over 60 years, Sonesta has owned, managed, designed, built and marketed hotels throughout the world. There are presently 29 Sonesta hotels and resorts, including 6 Nile cruise ships. The Sonesta Collection is located in Boston, Miami, New Orleans, St. Maarten, Brazil, Chile, Colombia, Peru, and Egypt. Sonesta's stock is traded on the NASDAQ Global stock market under the symbol SNSTA.