Real Estate Trust Shells Out $174M For Sonesta Hotels

Law360, New York (November 3, 2011, 6:02 PM EDT) -- An affiliate of Hospitality Properties Trust, a Boston-based hotel real estate investment trust, has bought hotel operator Sonesta International Hotels Corp. for $174 million, the companies said Thursday.

HPT will directly assume control of two hotels, the 400-room Royal Sonesta Hotel in Cambridge, Mass., and the 483-room Royal Sonesta Hotel in New Orleans, which both draw big convention business.

The other 32 global properties — including six cruise ships on the Nile River and three luxury hotels along the Red Sea in Egypt — will go...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.