BOSTON, June 4, 2007 (PRIME NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) announced today that it has initiated a review of strategic options available to the Company for enhancing shareholder value. The Company's Board of Directors has retained Goldman, Sachs & Co. to assist it in considering these options.
There can be no assurance that the review will result in any particular strategic or financial transaction or, if it does, what the terms or timing will be. The Company does not expect to make further public statements with respect to this announcement unless review of strategic options results in a transaction.
All statements regarding the Company's expected plans are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including without limitation statements related to the engagement of a financial advisor and the Company's decision to explore strategic alternatives.
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, in the Sonesta Collection. The properties are located in Boston, Miami, New Orleans, Orlando (2008), St. Maarten, Brazil, Peru, Qatar (2008) and Egypt.