BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Sonesta International Hotels Corporation

[SNSTA - NASDAQ]

Price:

Price Range (2005):

         $28
        $42 - $5

Earnings Estimates

 

      2005E:

 

      2006P:

 

      2007P:

 

         Capitalization

         (Sept. 30, 2005)

 

($, ths)

Total current assets:

$35,560

Receivables, long term:

15,000

Property (net)

    75,000

Total assets:

$130,560

   

Liabilities

 
 

($, mil)

Total current liabilities:

$15.8

Long-term debts:

34.1

Finance Obligation:

60.0

Total stockholders’ equity:

    14.1

Total liabilities:

$130.1

 

 

Total common shares outstanding
3,700,000

SONESTA INTERNATIONAL HOTELS CORPORATION
[SNSTA]

The investment merit of Sonesta consists of the conversion of choice leisure properties into saleable equities. In that, they are in the forefront of managing a diversified hotel concern in the 21st Century.

The prestigious part of the international leisure world probably got its historic background after the first World War. The elegant hotels of the French Riviera and then the major name hotels in Paris, such as the Grand Hotel, the Plaza Athenée, George V, in London the Dorchester and the Grosvenor House, in Vienna Hotel Imperial and in New York, of course, the Waldorf-Astoria and the Plaza Hotel, represented a distinguished and enviable paradise for the wealthy.

Little is known today, or rather mentioned today, about the history of the Sonnabend family. The father, who established Sonesta almost a hundred years ago, owned the Waldorf-Astoria and later bough thee Plaza Hotel. The Sonesta chain, which was previously named Hotel Corp. of America, in 1969 owned 34 hotels all over the world, including the Carlton Tower in London, the Balmoral Club in the Bahamas, various hotels in Bermuda, and the Plaza Hotel in New York City.

Thirty-five years ago, the standard market capitalization of Hotel Corp. of America, with the prestigious Plaza in the middle, was about $20 million. Today the Plaza is worth $450M. In contrast, Sonesta’s net worth is $15M. With the post-war generation, the various hotel chains like Sheraton, began to benefit from the greater valuation of their hotel accommodations. The so-called super luxury hotels have vastly increased in value. Patient and long-term stockholders handsomely benefited from various cash distributions.

Some chains like Hilton, both in Europe and in America, have remained a single entity, whereas others liquidated their properties and remained smaller entities after cash has been distributed from the sale of individual hotel properties. Sonesta, as it is today, is somewhere in between. The company remained an international hotel company, and is engaged in ownership and operation of various hotels and ships. The current property portfolio is diversified:

Sonesta Beach Key Biscayne
Trump International – Sonesta
Sonesta – Coconut Grove
Royal Sonesta – New Orleans
Royal Sonesta, Cambridge
South Beach, Bermuda

5 Hotels & 3 Cruise Hotels in Egypt

Sharm al Sheikh – Sonesta Beach

Peru (7) – Franchised
Tuscany (4) – Franchised

Brazil – Sao Paulo

The company in its current structure is a hotel company with various interest. With no particular expansion tendencies, it received moderate interest until it began to realize its assets designed for the 21st century. The company’s income statement for the year December, 2004, represents no particular excitement and the stock during that period averaged about $5.00 a share.

        Balance Sheet

        (Sept. 30, 2004)
       ($ mil)

Current assets

17.5

 

Current liabilities

15.5

Net property

78.5

 

Long-term debt

70.0

 

 

 

Stockholders’ equity

11.65

Total assets

107.0

 

 

 

Market Value
4M SL x $5 = $20M


SONESTA INTERNATIONAL HOTELS CORPORATION

Sale and Transfer of Assets

1.

During the 2005 third quarter the Company sold land it owned in Costa Rica for $4.5 million, and reported a $3,950,000 pretax gain after deducting the $450,000 book value of the land and related expenses. Since 1995 the Company had owned the site, which was intended for a new resort, but the development never materialized.

2.

On April 19, 2005, Sonesta Beach Resort Limited Partnership (“SBRLF”), a wholly owned subsidiary of Sonesta International Hotels Corporation (“Sonesta”) completed the transfer of the land and improvements of Sonesta Beach Resort, in Key Biscayne, Florida to a partnership between SBRLP and affiliates of Fortune International, a Miami-based real estate development and brokerage firm (“Fortune”). SBRLP is a 50% limited partner in the new partnership, and affiliates of Fortune are the general partner and a limited partner, together owning a 50% interest in the partnership.

The new partnership, SBR-Fortune Associates, LLP (“SBR-Fortune”), expects that the existing hotel will remain in operation through July 2006, when it will be demolished and construction of a new 5-story resort is expected to begin. It is anticipated that the new condominium hotel will include 300-plus luxury hotel and residential condominium units, restaurants, meeting/function space, a space and other facilities customary to the finest resorts in South Florida.

On April 19, 2005, Sonesta transferred the land and improvements of Sonesta Beach Resort into SBR-Fortune, which is valuing the land at $120 million. Sonesta received $31,011,000 in cash at the closing, and, in addition, an existing mortgage of $29,967,000 on the property was paid off by SBR-Fortune. Sonesta also received an equity position in SBR-Fortune valued at approximately $60 million. This value will be paid to Sonesta out of the first available net proceeds of the sale of condominium units, after repayment of (construction) debt. Thereafter, Fortune will receive its initial $30 million equity contribution, plus any additional equity contributions it was required to make to develop the new resort. Subsequent to Fortune fully recovering its investment, profits will be split equally. Sonesta is not required to fund any additional equity beyond the contribution of the land and improvements. Fortune will have the sole responsibility for arranging financing and completing construction of the new resort.

As of April 19, 2005, will continue to operate the hotel under a token ($1 per year) lease with SBR-Fortune, until such time that SBR-Fortune is ready to commence construction on the new resort, which the parties currently estimate to be in August 2006. Sonesta will receive all operating profits during this period. Sonesta does have the right to cease operations of the existing hotel on 60 days notice, in case revenues are insufficient to cover all expenses.

Once the new condominium hotel is completed, the non-guestroom areas of the hotel, which include restaurants, bars, meeting space, office and storage facilities etc. (the “Hotel Lot”), will be transferred to a newly formed partnership, of which Sonesta is a 70% partner and general partner, and Fortune is a 30% limited partner. Sonesta will operate the Hotel Lot, and will offer a rental program to the buyers of condo units that wish to make their units available for rental to the public.

The cost of closing the existing hotel, including severance payments to employees, finding of vacation pay, pension obligations and other costs, will be paid by SBR-Fortune, up to a maximum of $4 million. The Company believes this will be sufficient to cover these costs.

SONESTA INTERNATIONAL HOTELS CORPORATION
[SNSTA]

Summary of Monetary Transaction

(1) Sonesta transfers land valued at $120M to Fortune.

(2) Sonesta receives

 $30,000,000 cash

                transfers

 $30,000,000 mortgages

     Equity

 $60,000,000

     Paid from first sale

 

 

Equity distribution after:

    Sonesta

$60M

 

 

 

    Fortune

$30M

 

 

 

    Construction

  $60M

 

 

 

 

$150M

 

 

 

Total est.

 

 

 $250M

 

Sonesta 50%

 

 50

 

Hotel Lot (excluding condos)

70%

 

Total cash:

$170M

 

     Per share

$45 cash

 

Hotel Lot est. (10%) 6M

$1.50 ongoing per share income


SONESTA INTERNATIONAL HOTELS CORPORATION

Monetizing Assets

In early 2005, the company signed an agreement to convert one of its most attractive hotels, the Sonesta Beach Hotel, into a condominium with a partner. This conversion, creating about 300 units with a potential price of $2 million each, representing $600 million revenue potential of which let’s say half goes to Sonesta, is a number that we have to consider seriously. $150 million for a company with less than 4 million shares outstanding is $40 a share.

In the development of the leisure industry, this is a revolutionary but not unique step. People have money to buy condominiums, the same way the super-rich a hundred years ago could stay at the George V in Paris. The agreement which changed the Sonesta is in Table 2.

The financial transactions have made an immediate change in the balance sheet. Sonesta received $30 million and $30 million mortgage money was wiped off its balance sheet and transferred to the joint company. On September 30, 2005, the company was immediately in an attractive position. There is total current assets of $40 million with an additional $15 million filtering in over a period of years, so a total of $54 million, with current liabilities of $15 million.

Sonesta only has not $34 million long-term debt, a reasonable number for the number of real estate properties which the company has and which is valued at around $120 million. Furthermore, the income statement also improved dramatically. For the first nine months earnings were $1.77, and the last quarter $.42 versus a $.91 deficit.

The interesting part is the future conversion of the company by this single deal. According to the agreement, the joint partnership which owns the real estate of $120 million will pay the sale of the first $60 million proceeds from the condominiums to Sonesta. That would mean that theoretically the $60 million will wipe out 100% of long-term and short-term liabilities of the company and create a balance sheet of $40 million immediate short-term assets and an additional $15 million, with no liabilities long- or short-term at all. It is easy to see that the interest savings would add at least $1.50 per share to Sonesta’s earnings.

The agreement then calls for the partnership to retain $30 million and then split the remaining proceeds between the partnership and Sonesta, assuming that this remaining sum would amount to $60 million for Sonesta, meaning about $1.50 per share, it would create a real estate company with no debt and $100 million short-term cash on the balance sheet.

The future of Sonesta, however, is far greater than just the potential numbers from the Sonesta Beach condominium deal. It is operating now on three continents, in about twenty ventures. It has a management team which is theoretically a hundred years old. The company is headed by the Roger Sonnabend who had been at the helm almost forty years. The condition of the world today is for leisure. The world is in a peaceful atmosphere, a transition from the century of war to a century of peace. That means leisure, that means boats, new hotels, joint ventures, international travel. In other words, the Sonesta of $100 million surplus cash and management and only 3.7 million shares is facing a possibility of becoming a company with very meaningful price appreciation possibility.

If Mr. Sonnabend would use the cash intelligently and perhaps convert other properties via condominiums, he will after forty years of being president, represent something worthwhile for the century to follow, the company would be a the forefront of providing leisure accommodation for the lower middle class up to the higher middle class. It would historically be the company which was there at the creation in the 1930s and will continue to be the leader of the leisure industry in the early part of the 21st century.

It is a stock to buy for the 21st century.

SONESTA INTERNATIONAL HOTELS CORPORATION
[SNSTA]

Pro-Forma Earning Power (2007)

 

 

 

 

 Value
($1 per share)

Basic income, operating

$1.00

 

 

Interest saving

 1.50

 

 

Income from Hotel Lot

  1.50

 

 

 

 

$4.50

 $45

 8x    $36

Cash surplus: $170M

   45

 1x      45

Total Value

 

         $81


Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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