BOSTON, Jan. 10, 2008 (PRIME NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) announced today that its Board of Directors has approved the payment of a special dividend of $1.00 per share on the Company's stock. The dividend will be paid February 12, 2008 to holders of record on February 1, 2008.
The Company's Board of Directors based its decision to declare a special dividend on the improved profitability at the Company's hotels and on the Company's cash reserves which the Board deemed adequate to meet the Company's foreseeable needs and pay the special divided to shareholders.
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.