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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _____________________ to _______________________
Commission file number 0-9032
SONESTA INTERNATIONAL HOTELS CORPORATION
(Exact name of registrant as specified in its charter)
NEW YORK 13-5648107
(State or other jurisdiction of (I.R.S.Employer
incorporation or organization) Identification No.)
200 Clarendon Street, Boston, Massachusetts 02116
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 421-5400
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class Name of each exchange on which registered
Class A Common Stock NONE
$ .80 par value
Securities registered pursuant to Section 12 (g) of the Act:
NONE
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (ss.229,405 of this chapter) is not
contained herein and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements incorporated by
referenced in Part III of this Form 10-K or any amendment to this Form 10-K [X]
The aggregate market value of the common stock held by non-affiliates of
the registrant as of the close of business on March 21, 1996 was $ 5,648,104.
The number of shares outstanding of the registrant's common stock as of
the close of business on March 21, 1996 was: 2,067,237.
Documents incorporated by reference
1. Portions of the annual report to shareholders for the year ended
December 31, 1995 are incorporated by reference into Parts I, II and IV.
2. Portions of the proxy statement for the 1996 annual meeting of
stockholders are incorporated by reference into Part III.
An Index to Exhibits appears on pages 11 - 16 of this Form 10-K.
===============================================================================
PART I
Item 1. Business
(a) General Development of Business: The Company is engaged in the
operation of hotels that it owns or leases in Boston (Cambridge),
Massachusetts; New Orleans, Louisiana; and Anguilla, B.W.I. It
also operates, under management agreements, hotels in
Southampton, Bermuda; Curacao, Netherlands Antilles; Key
Biscayne, Florida; and New Orleans, Louisiana; and Cairo,
Hurghada, El Gouna, Port Said and Sharm el Sheikh, Egypt; and two
Nile River cruise vessels. The Company has paid $2 million for a
22% ownership interest in the hotel and casino it operates in
Curacao, Netherlands Antilles under a management contract. The
Company has entered into management agreements to operate new
hotels being created in Luxor, Egypt and Manama, Bahrain, which
are scheduled to open later this year and in 1997, respectively.
The Company also licenses the use of the Sonesta name to three
operating hotels. The Company had a fifty percent ownership and
operating interest in a casino on the island of Aruba and
operated a hotel adjacent to the casino under a management
contract; in early 1992, the Company sold its casino interests to
its joint venture partner and converted its management contract
to a license arrangement.
(b) Financial information about Industry Segments: The Company is
engaged principally in one business segment--hotel
operations--which represents over 90% of consolidated revenue.
The Company's fifty percent interest in a casino in Aruba,
described in Item 1.(a), did not constitute involvement in
another industry segment for purposes of this Form 10-K. The
Company's revenues are reported in 5-Year Selected Financial Data
and Consolidated Statements of Operations and Retained Earnings,
pages 4 and 5 of the 1995 Annual Report to Shareholders,
respectively, which is incorporated herein.
(c) Narrative Description of Business: The Company's business is to a
great extent dependent upon a high level of economic activity.
The hotel business is highly competitive. The facilities of
competitors are often affiliated with national or regional chains
having more room accommodations and greater financial resources
than the Company. The Company follows the practice of
refurnishing and redecorating the hotels which it operates in
order to keep the properties attractive and competitive with new
hotel properties, and this requires the Company to make
substantial capital expenditures. During the two years ended
December 31, 1995, the Company made capital expenditures for its
hotels totalling approximately $6,000,000.
2
Item 1. Business
(c) (Cont'd)
The Company endeavors to create individual and distinctive
features for each hotel property while utilizing common corporate
identification in order to obtain the benefits of chain
operation. The Company is using the name "Sonesta" for all of its
hotels, except Ambassador Club in Hurghada, Egypt, which is
identified by the words: "Managed by Sonesta Hotels".
The Company has approximately 1,295 employees. Approximately 254
of these employees are covered by a collective bargaining
agreement. The Company considers its relations with its employees
to be satisfactory.
For revenues by class of service for the three years ended
December 31, 1995, reference is made to the Consolidated
Statements of Operations and Retained Earnings which appears on
page 5 of the 1995 Annual Report to Shareholders.
(d) Financial Information about Foreign and Domestic Operations: This
information is incorporated by reference to Note 2 on pages 10
and 11 of the 1995 Annual Report to Shareholders.
Item 2. Properties
The Company's hotels are primarily metropolitan and resort hotels in popular
vacation areas which emphasize luxury accommodations and personal service.
The Company has fee ownership in two hotels: Royal Sonesta Hotel, Boston
(Cambridge), Massachusetts and Sonesta Beach Resort, Anguilla, B.W.I. Reference
is made to Note 6 of the Notes to the Consolidated Financial Statements of the
Registrant which appears on pages 12 and 13 of the Company's 1995 Annual Report
to Shareholders for details of the mortgage liens on the Boston (Cambridge),
Massachusetts property and the Anguilla property.
The Company operates the Royal Sonesta Hotel, New Orleans, Louisiana, under a
long-term lease which expires, subject to options to extend for up to twenty
years, on September 30, 2004. The initial term of this lease expired in October,
1994, but the Company exercised the first of three ten-year options.
Until January, 1992, the Company owned fifty percent of the shares of an Aruban
company which was formed under a joint venture agreement to own and operate a
casino on the island of Aruba.
3
Item 2. Properties (cont'd)
The Company also operates under management agreements hotels in Southampton,
Bermuda; Curacao, Netherlands Antilles; Key Biscayne, Florida; New Orleans,
Louisiana; and Cairo, Hurghada (2), El Gouna, Port Said and Sharm el Sheikh,
Egypt; and two Nile River cruise vessels. The Company's hotel and casino on the
island of Curacao is operated under a management contract, and the Company has
invested $2 million for a 22% ownership interest in that property. The Company's
management contract to operate a hotel in Aruba was converted to a license
agreement in January, 1992 in connection with the sale of its casino interests.
The Company has granted licenses for the use of its name to hotels in Aruba (2);
and Santiago, Chile.
In December, 1994, the Company entered into two partnerships: one of the
partnerships was formed to acquire and develop as a hotel, including retail
space, a building in the SoHo district of New York; the other partnership was
formed to acquire a beachfront hotel site in Guanacaste, Costa Rica on which the
partnership intended to develop a 320-room resort and casino. Company
subsidiaries are 50% partners in both partnerships, but the partnerships are
otherwise unrelated. The Company has advised its partner in the SoHo project
that it has decided not to proceed with the project, and expects to liquidate
its investment. The Company intends to proceed with the Costa Rica project,
subject to the resolution of certain outstanding business and financial issues.
In addition to the properties listed above, the Company leases space for its
executive offices at 200 Clarendon Street, Boston, Massachusetts 02116.
Item 3. Legal Proceedings.
Neither the Company nor its subsidiaries is engaged in any material legal
proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of shareholders of the Company in the fourth
quarter of 1995.
4
PART II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters
Common stock market prices and dividends and the number of shareholders of
record are incorporated by reference to page 4 of the 1995 Annual Report to
Shareholders.
A dividend of $ .15 per share was paid on the Company's common stock in July
1994 and a dividend of $ .15 per share was declared on the Company's common
stock in December 1994, but was paid in January 1995. A dividend of $ .15 per
share was paid on the Company's common stock in July 1995 and a dividend of $.15
per share was declared on the Company's common stock in December 1995, but was
paid in January 1996. Other information required by this item is incorporated by
reference to the Consolidated Statements of Operations and Retained Earnings
which appears on page 5 of the 1995 Annual Report to Shareholders.
No dividends may be declared or paid on the Company's common stock or common
stock purchased or redeemed unless (a) preferred stock dividend and sinking fund
requirements are met; and (b) the total of dividends paid does not exceed the
maximum amount permitted by one of the Company's bank loan agreements.
Item 6. Selected Financial Data
Selected Financial Data on page 4 of the 1995 Annual Report to Shareholders is
incorporated herein by reference.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
This information is incorporated by reference to pages 2 and 3 of the 1995
Annual Report to Shareholders.
Item 8. Consolidated Financial Statements and Supplementary Data
The financial statements listed in the Index to the Consolidated Financial
Statements filed as part of this Annual Report on Form 10-K, together with the
report of Ernst & Young LLP dated March 9, 1996, are incorporated herein by
reference to the 1995 Annual Report to Shareholders.
Selected Quarterly Financial Data, on page 3 of the 1995 Annual Report to
Shareholders, is incorporated by reference.
5
Item 9. Changes in and Disagreements with Auditors on Accounting and Financial
Disclosure
There were no disagreements with auditors on accounting principles or practices
or financial statement disclosures.
PART III
Item 10. Directors and Executive Officers of the Registrant
A. Directors of the Company and Compliance with Section 16 (a)
The information required by this item is incorporated herein by
reference to the proxy statement for the 1996 Annual Meeting of
Stockholders.
B. The Executive Officers of the Company are as follows
Employment History
Name Present Position Age 1991 to Present
- ---- ---------------- --- --------------------------
Roger P. Sonnabend Chairman of the Board and 70 Chairman and Chief Executive
Chief Executive Officer Officer.
Stephanie Sonnabend President 43 Vice President-Marketing
until November, 1993, then
Executive Vice President
until January 1, 1996.
Paul Sonnabend Chairman of the Executive 68 President until December 31,
Committee and Chief Financial 1995.
Officer
Stephen Sonnabend Senior Vice President 64 Senior Vice President.
Boy van Riel Vice President and Treasurer 37 Controller until March,
1993, then Vice President &
Treasurer
Peter J. Sonnabend Vice Chairman, Vice President 42 Vice President and Secretary.
and Secretary
Christopher Baum Vice President - Sales & 42 Corporate Director of
Marketing Communications Marketing, Resorts, Hilton
Hotels, 1991-1992; Vice
President - Sales &
Marketing Communications,
6
1992 to present.
Felix Madera Vice President - International 47 Vice President & General
Manager, Sonesta Beach
Resort, Key Biscayne,
Florida.
Mary Jane Rosa Vice President - Design 47 Director of Design until
January, 1993, then Vice
President - Design.
Jacqueline Sonnabend Vice President - Human 41 Vice President - Human
Resources Resources.
Hans Wandfluh Vice President 61 President & General Manager,
Royal Sonesta Hotel, New
Orleans, Louisiana.
Roger, Paul and Stephen Sonnabend are brothers. Stephanie Sonnabend and
Jacqueline Sonnabend are the daughters of Roger Sonnabend. Peter J. Sonnabend is
the son of Paul Sonnabend.
The Board of Directors elects officers of the Company on an annual basis.
Item 11. Executive Compensation
and
Item 12. Security Ownership of Certain Beneficial Owners and Management
and
Item 13. Certain Relationships and Related Transactions.
The information required by these items is incorporated by reference to the
proxy statement for the 1996 Annual Meeting of Stockholders.
7
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) 1. Financial Statements: The financial statements listed in the
accompanying Index to Consolidated Financial Statements is filed as
part of this Annual Report.
2. Financial Statement Schedules: The schedule listed in the accompanying
Index to Consolidated Financial Statements is filed as part of this
Annual Report.
3. Financial Statements of significant subsidiary, RIF Resort Hotel, N.V.
shall be provided by amendment to this Form 10-K by June 30, 1996, as
allowed under Regulation S-X, Rule 3-09.
4. Exhibits: The exhibits listed on the accompanying Index to Exhibits
are filed as part of this Annual Report.
(b) Reports on Form 8-K filed during the last quarter of 1995:
Form 8-K dated December 13, 1995
Item 2: Acquisition or Disposition of Assets--Acquisition of leasehold,
improvements and personal property constituting the 100-room hotel
property known as Casablanca Resort, in Anguilla, B.W.I.
8
SONESTA INTERNATIONAL HOTELS CORPORATION
Index to Consolidated Financial Statements
and Financial Statement Schedules
Item 14 (a) (1) and (2) References (Page)
1995 Annual Report to
Form 10-K Shareholders*
Consolidated Balance Sheets
at December 31, 1995 and 1994 6 - 7
For the years ended December 31,
1995, 1994 and 1993:
Consolidated Statements of
Operations and Retained Earnings 5
Consolidated Statements of Cash
Flows 8
Notes to Consolidated Financial
Statements 9 - 15
Consolidated Financial Statement
Schedule for the year ended December 31, 1995:
II. Consolidated Valuation and
Qualifying Accounts 10
All other schedules for which provision is made in the applicable accounting
regulation of the Securities and Exchange Commission are not required under the
related instructions or are inapplicable and therefore have been omitted.
- --------------------------------------------
*Incorporated by Reference
9
[blank]
SONESTA INTERNATIONAL HOTELS CORPORATION
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS
THREE YEARS ENDED DECEMBER 31, 1995
AMOUNTS AMOUNTS
BALANCE, CHARGED (WRITTEN OFF) BALANCE,
BEGINNING (CREDITED) NET OF END OF
OF YEAR TO INCOME RECOVERIES YEAR
Year Ended December 31, 1993
Deducted from assets:
Valuation reserve on long-term
receivables and advances $5,500,000 $ -- $ -- $5,500,000
========== ==========
Allowance for doubtful accounts $ 84,350 $ 32,100 $ (16,454) $ 99,996
========== ========== ========== ==========
Year Ended December 31, 1994
Deducted from assets:
Valuation reserve on long-term
receivables and advances $5,500,000 $ -- $ -- $5,500,000
========== ==========
Allowance for doubtful accounts $ 99,996 $ (22,000) $ 6,253 $ 84,249
========== ========== ========== ==========
Year Ended December 31, 1995
Deducted from assets:
Valuation reserve on long-term
receivables and advances $5,500,000 $ -- $ -- $5,500,000
========== ==========
Allowance for doubtful accounts $ 84,249 $ 26,400 $ (12,748) $ 97,901
========== ========== ========== ==========
10
Sonesta International Hotels Corporation
Index to Exhibits
NUMBER DESCRIPTION PAGE NOS.
3.1 Certificate of Incorporation as amended to date. (3)
3.2 Company By-laws, including all amendments through 19 - 38
March 29, 1996.
9.1 (a) Sonnabend Voting Trust Agreement dated August 1,
1984, providing for the combination of the voting
power of stock held by members of the Sonnabend
Family. (5)
9.1 (b) First Amendment dated December 1984 to Sonnabend
Voting Trust Agreement. (5)
10.1 (a) "Third Amendment of Mortgage and Security Agreement
and Second Amendment of Note" Between Key Biscayne
Limited Partnership, Mortgagor ("KBLP") and Florida
Sonesta Corporation, Mortgagee ("FSC"), dated
February 4, 1994. (1)
10.1 (b) "Operating Deficit Loan Mortgage Note"
($2,194,005.00) from KBLP to FSC, dated as of
December 31, 1993. (1)
10.1 (c) "Operating Deficit Loan Mortgage and Security
Agreement" between KBLP and FSC, dated February 4,
1994. (1)
10.1 (d) "Promissory Note" ($1,576,600.00) from KBLP to FSC,
dated February 4, 1994. (1)
10.1 (e) "Second Amendment to Management Agreement" dated as
of December 31, 1993 between KBLP and FSC. (1)
10.2 (a) Renovation Enhancement Agreement, dated February 19,
1993, between Florida Sonesta Corporation ("FSC")
and Key Biscayne Limited Partnership ("KBLP"). (2)
11
NUMBER DESCRIPTION PAGE NOS.
10.2 (b) First Amendment to Renovation Enhancement Agreement,
dated May 18, 1993, between FSC and KBLP. (2)
10.3 Second Renovation Enhancement Agreement, dated April
30, 1993, between FSC and KBLP. (2)
10.4 (a) "Sonesta Loan" agreement, dated April 13, 1993
between FSC and KBLP. (2)
10.4 (b) First amendment to "Sonesta Loan" agreement, dated
September 29, 1993, between FSC and KBLP. (2)
10.5 (a) "Renovation Agreement", dated September 12, 1991,
between Florida Sonesta Corporation ("FSC") and Key
Biscayne Limited partnership ("KBLP"). (4)
10.5 (b) "First Amendment to Management Agreement", dated
September 12, 1991, between FSC and KBLP. (4)
10.5 (c) "Amendment of Note and Second Mortgage", dated
September 12, 1991, between FSC and KBLP. (4)
10.5 (d) "Amendment of Note and Third Mortgage", dated
September 12, 1991, between FSC and KBLP. (4)
10.6 (a) "1995 Loan Agreement" between Hibernia National Bank
("Hibernia") and Royal Sonesta, Inc. ("Royal
Sonesta"), as of January 1, 1995. (1)
10.6 (b) "Promissory Note" ($5,000,000) from Royal Sonesta to
Hibernia, dated "Effective January 1, 1995". (1)
10.6 (c) "First Amendment to 1995 Loan Agreement" Between
Hibernia and Royal Sonesta, dated December 12, 1994.
(1)
10.7 (a) 1992 Loan Agreement, dated December 30, 1992,
between Royal Sonesta, Inc. and Hibernia National
Bank in New Orleans. (3)
12
NUMBER DESCRIPTION PAGE NOS.
10.7 (b) Promissory Note, dated December 30, 1992 between
Royal Sonesta, Inc. and Hibernia National Bank in
New Orleans. (3)
10.7 (c) Restatement and Continuation of Continuing Guaranty,
dated December 30, 1992, between the Registrant and
Hibernia National Bank in New Orleans. (3)
10.8 (a) "Amendment and Restatement of the Amended and
Restated Loan Agreement", dated December 23, 1991,
between Hibernia National Bank, Royal Sonesta, Inc.
and Sonesta International Hotels Corporation. (4)
10.8 (b) $2,875,000 Promissory Note, dated December 23, 1991,
from Royal Sonesta, Inc. to Hibernia National Bank.
(4)
10.9 (a) Loan Modification Agreement, dated April 15, 1992,
between Trustees of Charterhouse of Cambridge Trust
and Citicorp Real Estate, Inc. (3)
10.9 (b) Amendment to Promissory Note Dated January 10, 1983
from the Trustees of Charterhouse of Cambridge Trust
to Citicorp Real Estate, Inc., dated May 13, 1992,
between Trustees of Charterhouse of Cambridge Trust
and Citicorp Real Estate, Inc. (3)
10.9 (c) Third Amendment to Mortgage and Security Agreement
and Conditional Assignments of Leases and Rents,
dated May 13, 1992, between Charterhouse of
Cambridge Trust and Citicorp Real Estate, Inc. (3)
10.9 (d) Hazardous Materials Indemnification Agreement, dated
May 13, 1992, between Charterhouse of Cambridge
Trust and Citicorp Real Estate, Inc. (3)
10.9 (e) Affirmation and Amendment of Guaranty, dated May 13,
1992, between the Registrant and Citicorp Real
Estate, Inc. (3)
10.10 Letter agreement, dated January 22, 1996, amending 39 - 41
the "Amended and Restated Agreement of Limited
Partnership of The Soho Hotel Company, L. P.
13
NUMBER DESCRIPTION PAGE NOS.
10.11 Letter agreement, dated April 6, 1995, modifying the 42 - 45
"Amended and Restated Agreement of Limited
Partnership of The SoHo Hotel Company, L. P."
10.12 "Amended and Restated Agreement of Limited
Partnership of The SoHo Hotel Company, L. P.", dated
December 13, 1994. (1)
10.13 "Agreement of Lease", dated January 29, 1996, 46 - 153
between The SoHo Hotel Company, L. P., as
"Landlord", and Grace Holmes, Inc., as "Tenant".
10.14 "Guaranty", dated January 29, 1996, of J. Crew 154 - 163
Group, Inc.
10.15 "Shareholders Agreement of C. R. Resort Associates
Limited", dated December 8, 1994. (1)
10.16 (a) Revolving Term Note ($2,000,000) from Sonesta 164 - 167
International Hotels Corporation to USTrust, dated
September 30, 1995.
10.16 (b) Commitment Letter agreement, dated September 28, 168 - 171
1995, between Sonesta International Hotels
Corporation and USTrust.
10.17 "Third Amendment to Lease" between John Hancock and
Sonesta, dated June, 1994. (1)
10.18 "Second Amendment to Lease" between John Hancock
Mutual Life Insurance Company ("John Hancock") and
Sonesta International Hotels Corporation
("Sonesta"), dated March 22, 1994. (1)
10.19 Indenture of Lease, dated June 26, 1979, between
John Hancock Mutual Life Insurance Company and
Sonesta International Hotels Corporation. (7)
14
NUMBER DESCRIPTION PAGE NOS.
10.20 (a) Intercreditor, Payment Priority and Lien Priority
Agreement, dated as of September 15, 1993, between
Sonesta International Hotels Corporation
("Sonesta"), Sonesta Louisiana Hotels Corporation
("SLHC"), 800 Canal Street Limited Partnership (the
"Partnership"), and numerous other parties. (2)
10.20 (b) Commercial Guaranty, dated September 15, 1993, by
SLHC and Sonesta. (2)
10.20 (c) CSDC/Manager Reserve Agreement, dated September 15,
1993, between SLHC, the Partnership and Canal Street
Development Corporation. (2)
10.21 Extension of Lease by Royal Sonesta, Inc., dated
August 6, 1993. (2)
10.22 Agreement, dated September 9, 1993, between Royal
Sonesta, Inc. and Aetna Life Insurance Company. (2)
10.23 Hotel Lease-Amendment No. 3, dated September 17,
1981, between Aetna Life Insurance Company and Royal
Sonesta, Inc. (6)
10.24 Hotel Lease-Amendment No. 2, dated September 1,
1977, between Chateau Louisiane, Inc. and Royal
Sonesta, Inc. (8)
10.25 Hotel Lease-Amendment No. 1, dated November 26,
1973, between Chateau Louisiane, Inc. and Louisiana
Sonesta Corporation. (9)
10.26 Hotel Lease, dated December 12, 1967, between
Chateau Louisiane, Inc., as "Landlord", and The
Royal Orleans, Inc., as "Tenant". (10)
10.27 (a) Restated Employment Agreement, dated January 1,
1992, between the Registrant and Paul Sonnabend,
together with letter agreement regarding permanent
and total disability. (3) (Management contract under
Item 601 (10) (iii) (A))
15
NUMBER DESCRIPTION PAGE NOS.
10.27 (b) Restated Employment Agreement, dated January 1,
1992, between the Registrant and Roger P. Sonnabend,
together with letter agreement regarding permanent
and total disability. (3) (Management contract under
Item 601 (10) (iii) (A))
10.27 (c) Restated Employment Agreement, dated January 1,
1992, between the Registrant and Stephen Sonnabend,
together with letter agreement regarding permanent
and total disability. (3) (Management contract under
Item 601 (10) (iii) (A))
13 Annual Report to Security Holders for the calendar 172 - 188
year ended December 31, 1995.
21 Subsidiaries of the Registrant. 189
23 Consent of Ernst & Young LLP filed herewith. 190
(1) Incorporated by reference to the Company's 1994 Report on Form 10-K.
(2) Incorporated by reference to the Company's 1993 Report on Form 10-K.
(3) Incorporated by reference to the Company's 1992 Report on Form 10-K.
(4) Incorporated by reference to the Company's 1991 Report on Form 10-K.
(5) Incorporated by reference to the Company's 1984 Report on Form 10-K.
(6) Incorporated by reference to the Company's 1981 Report on Form 10-K.
(7) Incorporated by reference to the Company's 1979 Report on Form 10-K.
(8) Incorporated by reference to the Company's 1977 Report on Form 10-K.
(9) Incorporated by reference to the Company's 1973 Report on Form 10-K.
(10) Incorporated by reference to the Company's 1967 Report on Form 10-K.
16
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and 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
(Registrant)
By: /S/ Boy van Riel Date: March 13, 1996
-------------------------------------
Boy van Riel
Vice President and Treasurer
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By: /S/ Roger P. Sonnabend Date: March 13, 1996
----------------------------------------
Roger P. Sonnabend
Chairman of the Board and Chief Executive Officer
By: /S/ Boy van Riel Date: March 13, 1996
----------------------------------------
Boy van Riel
Vice President and Treasurer, Principal
Financial and Accounting Officer
By: /S/ Paul Sonnabend Date: March 13, 1996
----------------------------------------
Paul Sonnabend
Director
By: /S/ Peter J. Sonnabend Date: March 13, 1996
----------------------------------------
Peter J. Sonnabend
Director
By: /S/ Stephanie Sonnabend Date: March 13, 1996
----------------------------------------
Stephanie Sonnabend
Director
By: /S/ Stephen Sonnabend Date: March 13, 1996
----------------------------------------
Stephen Sonnabend
Director
17
By: /S/ George S. Abrams Date: March 13, 1996
-----------------------------------------
George S. Abrams
Director
By: /S/ Vernon R. Alden Date: March 13, 1996
----------------------------------------
Vernon R. Alden
Director
By: /S/ Joseph L. Bower Date: March 13, 1996
----------------------------------------
Joseph L. Bower
Director
By: /S/ Lawrence M. Levinson Date: March 13, 1996
----------------------------------------
Lawrence M. Levinson
Director
By: /S/ Jean C. Tempel Date: March 13, 1996
----------------------------------------
Jean C. Tempel
Director
18