Hospitality Properties Trust (HPT), a real estate investment trust, is acquiring the entities that own the Royal Sonesta Hotel in Cambridge from Sonesta International Hotels Corp. (SNSTA). The trust will pay a total of about $150.5 million for the acquisition. As part of the deal, it will also lease the Royal Sonesta Hotel in New Orleans.
The hotels are presently managed by Sonesta International. The New Orleans hotel is leased by a Sonesta International subsidiary. The transaction, scheduled to be completed during the first quarter, is part of a deal involving acquisition by merger of all of SNSTA’s shares by Sonesta Acquisition Corp. (SAC), an affiliate of Reit Management & Research, manager of HPT. Skadden, Arps, Slate, Meagher & Flom and Sullivan & Worcester represented SAC and HPT.
Click here for the release from Business Wire.