mileageman
January 18th, 2005, 11:43 PM
This summer is to be the last full one for the Sonesta Beach Resort in Key Biscayne. A Boston developer said it will tear down the resort near the end of summer 2006 to make way for an ultra-luxury condominium hotel.
Sonesta International Hotels Corp. said the existing 35-year-old resort will continue to operate at full service until at least August 2006.
Developing a new, ultra-luxury 350-room Sonesta resort is to begin the following fall. Unconfirmed reports put buildout at a year and completion time at another year.
The new property is to offer oversized guest rooms, a spa and fitness center, outdoor pools, beachfront water sports, meeting space, a children's program, restaurants and entertainment.
The plans are a partnership of Sonesta and Miami-based Fortune International.
At the close of the transaction, Sonesta said it will receive $30 million in cash, while Fortune International is to arrange to refinance the existing $30 million mortgage on the property.
Sonesta said it will contribute the Sonesta Beach Resort site to the partnership for a value of $60 million. The partners said they expect to close the deal within the next 90 days.
Roger Sonnabend, Sonesta executive chairman, said when the company opened Sonesta Beach Resort Key Biscayne in 1969, it was one of Florida's finest resorts.
"Now, 35 years later," he said, "we believe we can create a new luxury hotel that will again be recognized as one of Florida's finest."
Sonesta International Hotels Corp. said the existing 35-year-old resort will continue to operate at full service until at least August 2006.
Developing a new, ultra-luxury 350-room Sonesta resort is to begin the following fall. Unconfirmed reports put buildout at a year and completion time at another year.
The new property is to offer oversized guest rooms, a spa and fitness center, outdoor pools, beachfront water sports, meeting space, a children's program, restaurants and entertainment.
The plans are a partnership of Sonesta and Miami-based Fortune International.
At the close of the transaction, Sonesta said it will receive $30 million in cash, while Fortune International is to arrange to refinance the existing $30 million mortgage on the property.
Sonesta said it will contribute the Sonesta Beach Resort site to the partnership for a value of $60 million. The partners said they expect to close the deal within the next 90 days.
Roger Sonnabend, Sonesta executive chairman, said when the company opened Sonesta Beach Resort Key Biscayne in 1969, it was one of Florida's finest resorts.
"Now, 35 years later," he said, "we believe we can create a new luxury hotel that will again be recognized as one of Florida's finest."