Document:

exhibit10-1_h.htm

    
      

      

    

     

     

     

                                                                                              

     

     

    Exhibit
10.1 (h)

b

    

    Amendment
to the Agreement

     

    

    This
Amendment to the Agreement (“Amendment”), pertaining to that certain Management
Agreement, dated December 22, 2002, by and between Mutiny on the Park, Ltd
(“Owner”) and Sonesta Coconut Grove, Inc. (“Operator”) (the “Management
Agreement”), is made this October 30, 2006.

    

    Recitals:

     

    

    A.           Owner
has entered into an agreement with Mutiny on the Park Condominium Association,
Inc. (“Association”) under which Owner’s share of Hotel Shared Costs will be
increased from 5.9018% to 12%, effective January 1, 2007, subject to
ratification by the Association prior to December 31, 2006.

    

    B.           Section
13.21(b)(ii) of the Management Agreement provides for an adjustment of the
“Owner’s Hotel Shared Cost Portion” (as defined in Section 5.3 of the Management
Agreement) in the event that the allocation of “Hotel Shared Costs” (as defined
in Section 1.17 of the Management Agreement) is modified as the result of
certain circumstances.

    

    NOW
THEREFORE, the parties agree as follows:

    

    1.           The
agreement reached between the Owner and the Association to modify the allocation
of the Hotel Shared Costs shall be deemed to constitute a “Modification Outside
of Owner’s Control” as referenced in Section 13.21(b)(ii) of the
Agreement.

    

    2.           Both
the “Owner’s Return” (as defined in Section 1.28 of the Management Agreement)
and the “Owner’s Target Return” (as defined in Section 1.29 of the Management
Agreement) shall be deemed reduced by the amount that the Owner’s share of Hotel
Shared Costs (12% as of January 1, 2007) exceeds 7.5%.

    

    3. Except as
expressly set forth in this Memorandum, all terms and provisions of the
Management Agreement remain as stated therein and are hereby ratified and in
full force and effect.

    

    4. In the
event that the agreement reached between Owner and Association is not ratified
by the Association prior to December 31, 2006, this Amendment shall be deemed
null and void.

    

    

    
      	
              Sonesta
      Coconut Grove

            	
              Mutiny
      on the Park, Ltd.

            
	
              /s/

            	
              Peter J. Sonnabend

            	
              /s/

            	
              Ricardo Dunin

            
	
              Name:

            	
              Peter
      J. Sonnabend

            	
              Name:

            	
              Ricardo
      Dunin

            
	
              Its:

            	
              Vice
      President

            	
              Its:

            	
              Presidentexhibit10-8_a.htm

    
      

      

    

     

     

     

                                                                                          

    

    

    Exhibit
10.8 (a)

     

    AMENDMENT
TO MANAGEMENT AGREEMENT

    SONESTA
CLUB SHARM EL SHEIKH

    

    

    
      	
              1.  

            	
              Fees.  Effective
      January 1, 2008 Operator’s fees included in Article VII shall be subject
      to a maximum of 10% of Gross Operating Profit per Calendar
      Year.  In addition, the total fees earned by Operator shall be
      no less than 2% of Gross Revenues in each Calendar
  year.

            

    

    

    
      	
              2.  

            	
              Extension of
      Term.  The term of the agreement will be extended until
      December 31, 2024 which is the expiration date of the Management Agreement
      for Sonesta Beach Resort Sharm El Sheikh.  As consideration for
      the extension, Operator will waive payment of U.S. $500,000 of the amounts
      owned to Operator by Owner.

            

    

    

    
      	
              3.  

            	
              Repayment of
      Debt.  Owner acknowledges that Operator is owed fees and
      expenses totaling $1,058,571 as of November 30, 2007.  This
      amount includes 50% of the interest due for the year 2006 of
      $24,225.50.  Operator agrees to waive 50% of the interest for
      the year 2006 and the interest for the year 2007 if this agreement is
      executed by February 15, 2008.  The amount owed of $1,058,571
      will be reduced by the $500,000 payment mentioned in number 2 above, and
      the remainder will be converted into a 5 year loan, payable in monthly
      installments, of which the first is due on January 31, 2008, in the amount
      of $9,309.25.  Each monthly payment will be increased by $833 on
      account of interest, which will make the total monthly payment
      $10,142.25.  Monthly payments from the hotel on account of these
      loan payments shall reduce the amount of owners return available for
      distribution as of January 1, 2008.

            

    

    

    
      	
              4.  

            	
              Loan Installments
      Payment.  The Owner authorizes Operator to collect the
      installments of the loan in 3 above by way of priority from the Owners
      Return.

            

    

    

    
      	
              5.  

            	
              Room
      count.  Any Guestrooms or other resort facilities created
      by Owner (or their affiliates) and managed by Operator as part of the
      hotel shall be deemed to be subject to the Management Agreement without
      any further action or documentation by the parties.  Consistent
      with the previous sentence, the parties acknowledge that the Hotel’s room
      count, presently 409 guestroom keys, may increase over
    time.

            

    

    

    
      	
              6.  

            	
              Owner
      agrees that the 10% cap on Operator’s fees, referenced in Section 1, shall
      no longer apply if payments to Operator are not made in accordance with
      the terms of the Management Agreement as a result of Owner having received
      distribution of profits from the hotel in excess or Owners
      Return.

            

    

     

     

    Date:  January 24,
2008
 

    
      	
              Sonesta
      International Hotels Corporation

            	
              Sharm
      Today S.A.E.

            
	
              /s/

            	
              Felix Madera

            	
              /s/

            	
              Mohamed Hisham Ahmed Aly

            
	
              Name:

            	
              Felix
      Madera

            	
              Name:

            	
              Mohamed
      Hisham Ahmed Aly

            
	
              Its:

            	
              Vice
      President

            	
              Its:

            	   
      Presidentexhibit10-8_b.htm

    

     

     

    
      

      

    

     

                                                                                

     

    

    

    Exhibit
10.8 (b)

     

    AMENDMENT
TO MANAGEMENT AGREEMENT

    SONESTA
BEACH RESORT SHARM EL SHEIKH

    

    

    
      	
              1.  

            	
              Fees.  Effective
      January 1, 2008 Operator’s fees included in Article VII shall be subject
      to a maximum of 12% of Gross Operating Profit per Calendar
      Year.  In addition, the total fees earned by Operator shall be
      no less than 2.5% of Gross Revenues in each Calendar
  year.

            

    

    

    
      	
              2.  

            	
              Additional Guest
      Rooms.  Owner intends to build an additional 150
      guestrooms.  When completed, these rooms will be added to the
      current hotel rooms’ inventory, and subject to the terms of the Management
      Agreement and amendments thereto without any further
    changes.

            

    

    

    
      	
              3.  

            	
              Repayment of
      Debt.  Owner acknowledges that Operator is owed fees and
      expenses totaling $1,020,672.25 as of November 30, 2007.  This
      amount includes 50% of the interest due for the year 2006 of
      $37,254.50.  Operator agrees to waive 50% of the interest for
      the year 2006 and the interest for the year 2007 if this agreement is
      executed by February 15, 2008.  The amount owed of $1,020,672.25
      will be converted into a 5 year loan, payable in monthly installments, of
      which the first is due on January 31, 2008, in the amount of
      $17,011.  Each monthly payment will be increased by $1,667 on
      account of interest, which will make the total monthly payment
      $18,678.  Monthly payments from the hotel on account of these
      loan payments shall reduce the amount of Owners Return available for
      distribution as of January 1, 2008.

            

    

    

    
      	
              4.  

            	
              Loan Installments
      Payment.  The Owner authorizes Operator to collect the
      installments of the loan in 3 above by way of priority from the Owners
      Return.

            

    

    

    
      	
              5.  

            	
              Owner
      agrees that the 12% cap on Operator’s fees, referenced in Section 1, shall
      no longer apply if payments to Operator are not made in accordance with
      the terms of the Management Agreement as a result of Owner having received
      distribution of profits from the hotel in excess of Owners
      Return.

            

    

    

    

     

    Date:  January 24, 2008

    
 

    
      	
              Sonesta
      International Hotels Corporation

            	
              Masters
      of Tourism S.A.E.

            
	
              /s/

            	
              Felix Madera

            	
              /s/

            	
              Mohamed Hisham Ahmed Aly

            
	
              Name:

            	
              Felix
      Madera

            	
              Name:

            	
              Mohamed
      Hisham Ahmed Aly

            
	
              Its:

            	
              Vice
      President

            	
              Its:

            	   
      President

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