BOSTON, Dec. 12, 2007 (PRIME NEWSWIRE) -- Sonesta International Hotels Corporation announced today that it has completed the review of strategic options it previously announced. In June 2007, the Board of Directors constituted a committee comprised entirely of independent directors and retained Goldman, Sachs & Company, under the direction of the committee, to explore strategic alternatives.
"After spending considerable efforts evaluating alternatives with the assistance of Goldman, Sachs & Company, the committee of independent directors and our Board as a whole, after consultation with Goldman Sachs, and in light of the current conditions in the real estate and financing markets, has determined that the interests of our shareholders are best served at this time by continuing to operate and license deluxe hotels in the U.S. and abroad as an independent entity", said Roger Sonnabend, Sonesta's Executive Chairman. "Our existing hotels are operating well and we have a number of exciting properties opening next year and in 2009. We believe that these new hotels, and the significant interest we hold in our Key Biscayne, Florida development site, will result in additional value for our shareholders."
Sonesta's Board of Directors will continue to monitor both the real estate and financial markets to determine appropriate strategy in order to maximize shareholder value.
For over 60 years, Sonesta has owned, managed, designed, built and marketed hotels throughout the world. There are presently 26 Sonesta hotels and resorts, including 5 Nile cruise ships. The Sonesta Collection is located in Boston, Miami, New Orleans, Orlando (2008), St. Maarten, Costa Rica (2009), Brazil, Peru, Mexico (2009) and Egypt. Sonesta's stock is traded on the NASDAQ Global stock market under the symbol SNSTA.