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| AGREEMENT OF PURCHASE AND SALE                          |
|---------------------------------------------------------|
|                                                    |
| by and between                                          |
|                                                    |
| SONESTA COCONUT GROVE, INC., a Florida corporation |
|                                                    |
| (“Purchaser”)                               |
|                                                    |
| And                                                     |
|                                                    |
| MUTINY ON THE PARK, LTD.,                               |
|                                                    |
| a Florida limited partnership                           |
|                                                    |
| (“Seller”)                                  |
|                                                    |
|                                                    |
|                                                    |
| SONESTA BAYFRONT HOTEL, COCONUT GROVE, FLORIDA          |

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| If to Seller:   | Mutiny on the Park, Ltd.4218 N.E. 2nd Avenue, 2nd Floor                                                                                                                                        |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            | Miami, Florida 33137                                                                                                                                                                           |
|            | Attn.:  Chief Financial OfficerFacsimile:  (305) 573-0888                                                                                                             |
| with a copy to: | Rozencwaig, Nadel & Ferrero-Carr, LLP301 West Hallandale Beach BoulevardHallandale Beach, Florida 33009Attn.:  Ronald Scott Haligman, Esq.Facsimile:  954.455.6500 Fax |
|            |                                                                                                                                                                                           |

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| If to Purchaser: | c/o Sonesta International Hotels Corporation                                                                                 |
|------------------|------------------------------------------------------------------------------------------------------------------------------|
|             | 116 Huntington Avenue                                                                                                        |
|             | 9th Floor                                                                                                                    |
|             | Boston, MA 02116                                                                                                             |
|             | Attn:  Office of the Treasurer                                                                                     |
|             | Facsimile:  (617) 421-5423                                                                                         |
|             |                                                                                                                         |
| With a copy to:  | Robin Law, P.A.1123 S. 21st Avenue, #2Hollywood, FL 33020Attention:  Susan K. Robin, Esq.Facsimile: (954) 239-9699 |

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|   | SELLER: MUTINY ON THE PARK, LTD.,a Florida limited partnership                                                                              |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|   |  By:  FLAGLER ON THE PARK, INC.        a Florida corporation, General Partner   |
|   |                                                                                                                                             | By: |   |
|   |                                                                                                                                             | Name: | Ricardo Dunin |
|   |                                                                                                                                             | Title: | President |
|   |                                                                                                                                             |
|   |                                                                                                                                             |
|   | PURCHASER:                                                                                                                                       |
|   |                                                                                                                                             |
|   | SONESTA COCONUT GROVE, INC.,a Florida corporation                                                                                                |
|   |                                                                                                                                             |
|   |                                                                                                                                             | By: |   |
|   |                                                                                                                                             | Name: | Peter J. Sonnabend |
|   |                                                                                                                                             | Title: | Vice President |
|   |                                                                                                                                             |

|   | MUTINY PARK GUARANTOR:   ____________________________________Ricardo Dunin, Individually   |
|--------|---------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                |
|   | SONESTA GUARANTOR:                                                                                                  |
|   |                                                                                                                |
|   | SONESTA INTERNATIONAL HOTELS CORPORATION                                                                       |
|   |                                                                                                                |
|   |                                                                                                                | By: |   |
|   |                                                                                                                | Name: |   |
|   |                                                                                                                | Title: |   |

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| EXHIBITS AND SCHEDULES |
|------------------------|
| Exhibit A              | Legal Description of Hotel Unit |
| Exhibit B              | Assignment and Assumption Agreement of Occupancy Agreements, Operating Agreements and Leased Property Agreements |
| Exhibit C              | Assignment and Assumption Agreement of Rental Management Agreements |
|                   |   |
| Exhibit D              | Bill of Sale |
| Exhibit E              | Form of Deed |
| Exhibit F         | Seller’s Affidavit  |
|                   |   |
|                   |   |
| Schedule 1             | Permitted Title Exceptions |
| Schedule 3.5           | Non-Compliance with Laws |
| Schedule 3.10          | Actions, Proceedings, Claims |
| Schedule 3.21          | Loan Defaults |
|                   |   |
|                   |   |

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|   |   |
|--------|--------|

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|   | By:  Flagler on the Park, Inc., a Florida Corporation,  General Partner |
|--------|---------------------------------------------------------------------------------------------|

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|   | By:  Flagler on the Park, Inc., a Florida Corporation,  General Partner |
|--------|---------------------------------------------------------------------------------------------|

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|   | By:  Flagler on the Park, Inc., a Florida Corporation,  General Partner |
|--------|---------------------------------------------------------------------------------------------|

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| GRANTOR:                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                    |
| Mutiny on the Park, Ltd.a Florida limited partnership                                                                                                   |
|  By:   Flagler on the Park, Inc., a Florida corporation,         General Partner  |
|                                                                                                                                                    |
| By: ____________________________________                                                                                                                |
|        Name:  Ricardo Dunin                                                                                |
|        Title:  President                                                                    |

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| 1.   | Seller is the owner of and is selling the following described real property (the “Property”) to Sonesta Coconut Grove, Inc., a Florida corporation (“Purchaser”): |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The Property is free and clear of all liens, taxes, encumbrances and claims of every kind, nature and description of record, except for those reflected in the Title Commitment (hereafter defined) and except for real estate and personal property taxes for the year 2010 and thereafter, which are not yet due and payable. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | There have been no improvements, alterations or repairs to the Property initiated by Seller, the costs of which remain unpaid as of the Closing; there are no claims for labor or materials furnished for repairing or improving the Property which remain unpaid as of the Closing; and there are no outstanding construction, materialmen’s or laborer’s liens which remain unpaid as of the Closing. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | There are no outstanding contracts for the sale of the Property or any part thereof, nor any unrecorded deed, mortgage or other conveyances affecting the title to the Property.  There are no outstanding leases of the Property or any portion thereof. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Seller’s title to and possession and enjoyment of the Property have been open, notorious, peaceable and undisturbed and have never been disputed nor questioned.  There are no boundary line disputes regarding the Property. To Affiant’s knowledge, the operation of any buildings on the Property has been in compliance with the applicable building codes, ordinances and statutes. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | There are no unpaid taxes, levies, assessments, paving liens or utility liens against the Property (other than real estate taxes for the current year). |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Subsequent to _____________ at 11:00 p.m., the effective date of the title commitment issued to Purchaser with respect to the Property (the “Title Commitment”), Seller has not, and Seller hereby agrees that Seller shall not, execute any instrument or do any act that in any way would or could adversely affect the title to the Property including, but not limited to, mortgaging or conveying the Property or any interest therein, or causing any liens to be recorded against Seller or the Property. Seller has no knowledge of any matter affecting title to the Property, other than those shown in the Title Commitment issued to Purchaser. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Seller’s personal property that is being sold to Purchaser is free and clear of all liens, encumbrances, security interests, claims and demands. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 9.   | There are no persons other than Seller in possession of the Property or entitled to possession of the Property, except Purchaser, who is currently managing the hotel on the Property pursuant to a hotel management agreement between Seller and Purchaser dated December 22, 2000 (the “Hotel Management Agreement”), and guests and invitees of the hotel who have been granted transient rights to use or occupy portions of the hotel. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | No judgment or decree has been entered in any court in this State or the United States against Seller which remains unsatisfied.  There are no judgments, claims, disputes, demands or other matters pending against Seller that could attach to the Property between the effective date of the Title Commitment and the recording of the deed to be insured. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | There are no unrecorded easements, claims of easement or rights-of-way affecting all or any portion of the Property. |
|-----------------|----------------------------------------------------------------------------------------------------------------------|

| 12.   | There are no violations of governmental laws, regulations or ordinances pertaining to the use of the Property including, without limitation, municipal and county ordinances, and there are no open permits pertaining to the Property. Seller has received no notice of any public hearing regarding assessment for improvements or changes in applicable zoning laws concerning the Property. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | Seller acknowledges responsibility for water, sewer and electrical consumption charges through the date of closing. |
|-----------------|---------------------------------------------------------------------------------------------------------------------|

| 14.   | Seller has received no notice of any violations of any homeowners association or condominium association restrictions, rules or regulations pertaining to Seller’s ownership and use of the Property. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.   | Seller understands that Section 1445 of the Internal Revenue Code provides that a purchaser of a United States real property interest must withhold tax if the seller is a foreign person.  To inform Purchaser that withholding of tax is not required upon Purchaser’s purchase of the Property, Seller certifies the following: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | Seller is not a nonresident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate for purposes of United States Federal income taxes. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | The Seller’s U.S. Employer Identification Numbers is: ________________________. |
|----------------|---------------------------------------------------------------------------------------|

| c.   | Seller’s address is: c/o Flagler Holding Group, Inc. 4218 NE 2nd Avenue, Miami, FL 33137. |
|----------------|-------------------------------------------------------------------------------------------------|

| d.   | No other persons or entities have an ownership interest in the Property. |
|----------------|--------------------------------------------------------------------------|

| 16.   | This Affidavit is made for the purpose of clearing any possible question or objection to the title to the Property and for the purpose of inducing Robin Law, P.A. and ________________________ Title Insurance Company to issue title insurance for the Property, with the knowledge that said title agent and title company are relying upon the statements set forth herein. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | Seller is familiar with the nature of an oath and the penalties provided by the laws of the United States and the State of Florida for falsely swearing to statements made in an instrument of this nature.  Seller further certifies that it has read, or heard read, the full facts of this Affidavit and understands its content. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Mutiny on the Park, Ltd.a Florida limited partnership                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |
|     By:  Flagler on the Park, Inc.,           a Florida corporation   |
|        ______________________________                                                                                             |
|        Name:  Ricardo Dunin                                                                                             |
|        Title:  President                                                                                                |

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| 1.   | Real property taxes, assessments and special district levies, for the year in which the Closing occurs and for subsequent years; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Zoning and other regulatory laws and ordinances affecting the Real Estate and other requirements imposed by governmental authority; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | The restrictive covenants and conditions appearing on a plat or otherwise common to the subdivision. |
|----------------|------------------------------------------------------------------------------------------------------|

| 4.   |  Easements, reservations, restrictions, and rights of way of record and agreements with utility companies; |
|----------------|-----------------------------------------------------------------------------------------------------------------|

| 5.   | The Existing Mortgage being assumed by Purchaser; and |
|----------------|-------------------------------------------------------|

| 6.   | The Declaration of Condominium of Mutiny Park, a Condominium, according to the Declaration thereof, recorded November 30, 2001 in Clerk’s File No. 01R663024, in Official Records Book 20048, Page 4320, as amended from time to time by any instruments recorded in the public records; and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Declaration of Cross-Easements and Covenants made by Mutiny on the Park, Ltd., dated November 28, 2001, and recorded November 30, 2001, in Clerk’s File No. 01R663023, in Official Records Book 20048, Page [4320]. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1.   | Settlement Agreement dated October 3, 2005 between Mutiny on the Bay Condominium Association, Inc. and Mutiny on the Park, Ltd. (regarding 212 parking spaces) |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Settlement Agreement dated November 29, 2005 between Mutiny on the Park Condominium Association, Inc. and Mutiny on the Park, Ltd. (regarding construction defects and other matters). |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Settlement Agreement dated October 30, 2006 between Mutiny on the Park Condominium Association, Inc. and Mutiny on the Park, Ltd. (regarding exclusive use areas). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Settlement Agreement dated January 27, 2010 between Mutiny on the Park Condominium Association, Inc. and Mutiny on the Park, Ltd. (regarding stucco work). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | Settlement Agreement dated the ___ day of ____, 2001 between Mutiny on the Bay, Ltd. and Mutiny on the Bay Condominium Association, Inc. and joined into by Mutiny on the Park, Ltd. (regarding shared delivery areas, access roads, parking, valet and security). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | Settlement Agreement dated the 26th day of March, 2010 between Mutiny on the Bay, Ltd. and Turner Construction (regarding Turner performing stucco work) |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | Letter of Understanding and Agreement Between the Mutiny and the Munroe Family for Treatment of the Eva Munroe Grave, entered into in April, 1998 (the “Grave Site Agreement”), in which the Mutiny formally recognized the Munroe family’s claim to the gravesite that adjoins the Property as described in recorded deed dated July 20, 1925 and made certain agreements pertaining to the grave site.  Recently, AT&T disturbed the grave site while performing work on or near the site and the Munroe Family alleged the Seller failed to comply with the Grave Site Agreement by not preserving certain steps within the grave site. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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