$174M Sonesta Hotels Sale Not So Hospitable: Investors

Law360, New York (November 22, 2011, 4:49 PM EST) -- A putative class of Sonesta International Hotels Corp. shareholders on Monday sued the hotel operator over its $174 million sale to hotel real estate investment trust Hospitality Properties Trust, claiming Sonesta board members omitted material information from financial statements and failed to shop the company around.

The shareholders claim the Sonnabend family, which owns nearly 58 percent of the company and dominates its board of directors, used its influence to manipulate the sale process in its favor, leaving other shareholders out of the equation and ultimately...
To view the full article, register now.