Attached files
| file | filename |
|---|---|
| EX-10.26 - EXHIBIT 10.26 - SONESTA INTERNATIONAL HOTELS CORP | exhibit10_26.htm |
| EX-10.29 - EXHIBIT 10.29 - SONESTA INTERNATIONAL HOTELS CORP | exhibit10_29.htm |
| EX-10.28 - EXHIBIT 10.28 - SONESTA INTERNATIONAL HOTELS CORP | exhibit10_28.htm |
| EX-10.27 - EXHIBIT 10.27 - SONESTA INTERNATIONAL HOTELS CORP | exhibit10_27.htm |
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
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Date
of Report: February 17,
2010
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Commission
file number 0-9032
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SONESTA
INTERNATIONAL HOTELS CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
New
York
(State or
Other Jurisdiction)
13-5648107
(I.R.S.
Employer Identification No.)
116
Huntington Avenue, Boston, MA 02116
(Address
of principal Executive Offices)
(Registrant’s
Telephone Number, Including Area Code): 617-421-5400
Not
Applicable
(Former
name, former address if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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ITEM
1.01: ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM
1.02: TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
ITEM
2.03: CREATION OF A DIRECT FINANCIAL OBLIGATION
On
February 12, 2010, the Company refinanced the mortgage loan secured by Royal
Sonesta Hotel Boston (the “Hotel”).
An
existing non-recourse loan in the principal amount of $31,645,000 was paid
off. This loan, which was to mature in July 2010, carried an interest
rate of 8.6%. Monthly payments of principal and interest were
$332,911.
The loan
was replaced with a $32 million loan from RBS Citizens National Association
(“Citizens”). This loan, which will mature March 1, 2015, has a 6.4%
fixed interest rate. Payments of interest and principal, based on a
25 year amortization period, will be $642,213 per quarter. The
Company paid a 1% fee to Citizens at closing, and is also responsible for legal
and other costs related to the new loan. The loan is secured
by:
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1.
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a
first mortgage on the Royal Sonesta Hotel Boston
property,
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2.
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a
parent company guaranty of $5 Million,
and
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3.
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a
restricted cash collateral account in the amount of $5
Million. This cash collateral account will be released by
Citizens over a two year period provided the Hotel achieves certain debt
service coverage ratios.
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The
Citizens loan is subject to a maximum loan to value ratio of 65%, and to minimum
debt service coverage ratios, which will be tested quarterly based on trailing
twelve month earnings of the Hotel.
EXHIBITS
TO FORM 8-K
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NUMBER
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DESCRIPTION
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Term
Loan Agreement, dated February 12, 2010, between the Trustees of
Charterhouse of Cambridge Trust and Sonesta of Massachusetts, Inc. as
Borrower and RBS Citizens, National Association, as Lender.
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Promissory
Note, dated February 12, 2010 from the Trustees of Charterhouse of
Cambridge Trust and Sonesta of Massachusetts, Inc. to RBS Citizens,
National Association.
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Mortgage
and Security Agreement, dated as of February 12, 2010, from the Trustees
of Charterhouse of Cambridge Trust and Sonesta of Massachusetts, Inc., as
Mortgagor to RBS Citizens, National Association, as
Mortgagee.
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Limited
Guaranty to RBS Citizens, National Association from Sonesta International
Hotels Corporation, dated February 12, 2010.
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1
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized
SONESTA INTERNATIONAL HOTELS
CORPORATION
Date: February
17, 2010
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By:
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/s/
Boy van Riel
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Boy
van Riel
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Vice
President and Treasurer
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(Authorized
to sign on behalf of the Registrant as Principal Financial
Officer).
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2