Sonesta International Hotels Corporation (Nasdaq: SNSTA) announced that it has entered into a definitive merger agreement pursuant to which Sonesta Acquisition Corporation ("SAC" formerly known as Property Acquisition Corporation), will acquire Sonesta for $31.00 per share in cash, or approximately $174 million in total purchase price, including assumed indebtedness and other liabilities. SAC is an affiliate of Hospitality Properties Trust (NYSE: HPT) of Newton, MA. The per share purchase price represents a 71% premium over Sonesta's closing share price on October 27, 2011, the day prior to Sonesta's recent announcement that it is engaged in discussions regarding potential transactions, including a possible merger transaction.
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