Document:

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                                                                Exhibit 10.14(b)

                               FIRST AMENDMENT TO

               AGREEMENT OF LIMITED LIABILITY LIMITED PARTNERSHIP

                                       OF

                          SBR-FORTUNE ASSOCIATES, LLLP

     This First Amendment ("FIRST AMENDMENT") to the Agreement of Limited
Liability Limited Partnership of SBR-FORTUNE ASSOCIATES, LLLP, dated as of
January 17, 2005 (the "EXISTING AGREEMENT") is made effective as of February 25,
2005 by and among the General Partner (as such term is defined in the Existing
Agreement) and Limited Partners (as such term is defined in the Existing
Agreement).

                                   WITNESSETH:

     WHEREAS, the General Partner and Limited Partners are all of the parties to
the Existing Agreement; and

     WHEREAS, the General Partner and Limited Partners desire to amend the
Existing Agreement as provided below and, except as otherwise provided below,
intend that the Existing Agreement shall remain in full force and effect.

     NOW THEREFORE, in consideration of the agreements and obligations set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the General Partner and Limited
Partners hereby agree as follows:

     1.   The foregoing recitals are hereby acknowledged to be true and accurate
and are incorporated herein by this reference. Unless otherwise provided herein
all terms appearing in initial capitalized letters shall have the meanings
ascribed to them in the Existing Agreement.

     2.   Notwithstanding anything to the contrary contained in the Existing
Agreement, including but not limited to the definition of "Project" in Section
1.1, Subsection 4.4(e)(1) and Subsection 4.4(g), by their execution below, the
Partners have agreed that, subject in all events to the approval of the Village
of Key Biscayne (the "VILLAGE"), the New Development shall include a condominium
hotel component consisting of a maximum of three hundred eighteen (318) "hotel
condominium units" (as that term is defined in the Village of Key Biscayne
Master Plan ("MASTER PLAN") and the Zoning and Land Development Regulations) and
shall contain not less than three hundred fifty (350) bedrooms (each hotel
bedroom being not less than approximately five hundred (500) square feet)."

     3.   The Existing Agreement shall be amended by adding thereto the
following Section 16.6:

     "Section 16.6 AS IS CONDITION. The Partnership expressly acknowledges that
     there are no implied warranties or representations beyond those expressly
     set forth in Sections 16.1 or 16.3 of this Agreement or under the Realty
     Purchase Agreement, and, except as may be otherwise set forth in this
     Agreement or under the Realty Purchase Agreement and as may

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     be required to comply with the express terms thereof, Sonesta has no
     obligation to make any other representations or disclosures to the
     Partnership. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN CONTAINED, THE
     PARTNERSHIP EXPRESSLY UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT THE
     CONVEYANCE OF THE PROPERTY SHALL BE MADE BY SONESTA TO THE PARTNERSHIP ON
     AN "AS IS, WHERE IS" BASIS, AND "WITH ALL FAULTS," AND THE PARTNERSHIP
     ACKNOWLEDGES THAT THE PARTNERSHIP HAS AGREED TO ACCEPT THE CONTRIBUTION BY
     SONESTA OF THE CONTRIBUTED PROPERTY IN ITS PRESENT CONDITION (SUBJECT TO
     THE PARTNERSHIP'S RIGHT OF INSPECTION AND REVIEW AS PROVIDED HEREIN AND IN
     THE REALTY PURCHASE AGREEMENT) AND THAT THE PARTNERSHIP IS RELYING SOLELY
     ON ITS OWN EXAMINATION AND INSPECTIONS OF THE PROPERTY AND NOT ON ANY
     STATEMENTS OR REPRESENTATIONS MADE BY SONESTA OR ANY AGENTS OR
     REPRESENTATIVES OF SONESTA, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH
     HEREIN OR IN THE REALTY PURCHASE AGREEMENT. ADDITIONALLY, THE PARTNERSHIP
     HEREBY ACKNOWLEDGES THAT, EXCEPT AS OTHERWISE SPECIFIED HEREIN OR IN THE
     REALTY PURCHASE AGREEMENT, SONESTA MAKES NO WARRANTY OR REPRESENTATION,
     EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING BUT IN NO WAY
     LIMITED TO, ANY WARRANTY OF CONDITION, HABITABILITY, MERCHANTABILITY, OR
     FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY OR ANY PORTION THEREOF, OR
     WITH RESPECT TO THE ECONOMICAL, FUNCTIONAL, ENVIRONMENTAL OR PHYSICAL
     CONDITION, OR ANY OTHER ASPECT, OF THE PROPERTY. EXCEPT AS OTHERWISE SET
     FORTH IN THIS AGREEMENT OR THE REALTY PURCHASE AGREEMENT, SONESTA HEREBY
     SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR
     WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, OR CONCERNING: (i) THE NATURE
     AND CONDITION OF THE PROPERTY OR ANY PART THEREOF, INCLUDING BUT NOT
     LIMITED TO ITS WATER, SOIL, OR GEOLOGY, OR THE SUITABILITY THEREOF FOR ANY
     AND ALL ACTIVITIES AND USES WHICH THE PARTNERSHIP MAY ELECT TO CONDUCT
     THEREON, OR ANY IMPROVEMENTS THE PARTNERSHIP MAY ELECT TO CONSTRUCT
     THEREON, OR POSSIBILITIES FOR FUTURE DEVELOPMENT OF THE PROPERTY, OR ANY
     INCOME TO BE DERIVED THEREFROM, OR ANY EXPENSES TO BE INCURRED WITH RESPECT
     THERETO, OR ANY OBLIGATIONS OR ANY OTHER MATTER OR THING RELATING TO OR
     AFFECTING THE SAME; (ii) THE ABSENCE OF MOLD, ASBESTOS OR ANY
     ENVIRONMENTALLY HAZARDOUS SUBSTANCES ON, IN OR UNDER THE PROPERTY OR ON, IN
     OR UNDER ANY PROPERTY ADJACENT TO OR ABUTTING THE PROPERTY; (iii) THE
     MANNER OF CONSTRUCTION OR CONDITION OR STATE OF REPAIR OR LACK OF REPAIR OF
     ANY IMPROVEMENTS; (iv) THE NATURE OR EXTENT OF ANY EASEMENT, RESTRICTIVE
     COVENANT, RIGHT-OF-WAY, LEASE, POSSESSION, LIEN, ENCUMBRANCE, LICENSE,
     RESERVATION, CONDITION OR OTHER SIMILAR MATTER PERTAINING TO THE PROPERTY,
     OR PORTION THEREOF; AND (v) THE COMPLIANCE OF THE PROPERTY OR THE OPERATION
     OF THE PROPERTY OR PORTION THEREOF WITH ANY LAWS, RULES, ORDINANCES OR
     REGULATIONS OF ANY GOVERNMENT OR OTHER BODY. THE PROVISIONS OF THIS SECTION
     16.6

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     SHALL SURVIVE THE EXECUTION AND DELIVERY OF THE DEED BY SONESTA AND THE
     CONVEYANCE OF THE CONTRIBUTED PROPERTY CONTEMPLATED BY THIS AGREEMENT. In
     no event shall the terms of this Agreement, including, without limitation,
     this Section 16.6, impair, modify or limit the obligations of the tenant
     under the Interim Lease.

     4. Except as and to the extent modified herein, the Existing Agreement
shall remain in full force and effect according to its terms and is hereby
ratified.

     5. All of the terms and conditions herein contained shall be binding upon
and inure to the benefit of the parties and their respective successors and
assigns.

     6. This First Amendment shall be governed by Florida law.

     7. The First Amendment may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together will constitute one
and the same instrument. Counterparts received by facsimile shall be treated the
same as originals.

                            [SIGNATURE PAGE FOLLOWS.]

                                                                             197
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     IN WITNESS WHEREOF, the parties have executed the First Amendment as of the
day and year provided above.

                            GENERAL PARTNER:

                            FORTUNE KB GP, LLC, a Florida limited liability
                            company

                            By: Fortune International Management, Inc., Manager

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Edgardo Defortuna
                                     Title: President

                            LIMITED PARTNERS:

                            FORTUNE KB, LLC, a Florida limited liability
                            company

                            By: Fortune International Management, Inc., Manager

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Edgardo Defortuna
                                     Title: President

                            SONESTA BEACH RESORT LIMITED
                            PARTNERSHIP, a Delaware limited partnership

                                     By: Florida Sonesta Corporation, a Florida
                                         corporation

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Roger Sonnabend
                                     Title: Chairman

                                                                             198<Page>

                                                                Exhibit 10.14(c)

                               SECOND AMENDMENT TO

               AGREEMENT OF LIMITED LIABILITY LIMITED PARTNERSHIP

                                       OF

                          SBR-FORTUNE ASSOCIATES, LLLP

     This Second Amendment ("SECOND AMENDMENT") to the Agreement of Limited
Liability Limited Partnership of SBR-FORTUNE ASSOCIATES, LLLP, dated as of
January 17, 2005 as amended by that certain First Amendment to Agreement of
Limited Liability Limited Partnership of SBR-Fortune Associates, LLLP dated as
of February 25, 2005 (collectively, the "EXISTING AGREEMENT") is made effective
as of March 2, 2005 by and among the General Partner (as such term is defined in
the Existing Agreement) and Limited Partners (as such term is defined in the
Existing Agreement).

                                   WITNESSETH:

     WHEREAS, the General Partner and Limited Partners are all of the parties to
the Existing Agreement; and

     WHEREAS, the General Partner and Limited Partners desire to amend the
Existing Agreement as provided below and, except as otherwise provided below,
intend that the Existing Agreement shall remain in full force and effect.

     NOW THEREFORE, in consideration of the agreements and obligations set forth
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the General Partner and Limited
Partners hereby agree as follows:

     1.   The foregoing recitals are hereby acknowledged to be true and accurate
and are incorporated herein by this reference. Unless otherwise provided herein
all terms appearing in initial capitalized letters shall have the meanings
ascribed to them in the Existing Agreement.

     2.   The following definitions shall be added to Section 1.1 and to the
extent a term below appears in Section 1.1 of the Existing Agreement, such
definition shall be replaced with the following:

     "CURRENT OPERATING EXPENDITURES: The expenditures of the Partnership for
each Fiscal Year, or part thereof, arising from the ordinary course of the
Partnership's business, including, without limitation, the following:

          (1)  general operating expenses including, but not limited to,
               insurance, taxes, assessments, architectural, engineering,
               permitting, legal, accounting and other professional fees,
               Deferred Fees, marketing, construction and any other expenses
               expended on behalf of the Partnership in relation to its business
               operation, but excluding the Hotel Shutdown Payments;

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          (2)  payments of principal and interest upon indebtedness of the
               Partnership entered into in accordance with the terms of this
               Agreement including Designated Expense Item Loans but excluding
               Default Financings;

          (3)  establishment of appropriate reserves for debt service, capital
               improvements and repairs, to provide working capital or any other
               contingency of the Partnership;

          (4)  expenses incurred in connection with and the establishment of
               reserves for the restoration of the Property resulting from the
               casualty or condemnation of the Property; and

          (5)  defeasance, prepayment or comparable expenses or charges required
               to be paid in connection with the retirement or replacement of
               the Existing Indebtedness.

     DESIGNATED EXPENSE ITEM LOANS: Shall have the meaning as set forth in
     Section 5.6.

     DESIGNATED EXPENSE ITEMS: Shall have the meaning as set forth in Section
     5.6.

     EXCESS FINANCING COSTS: Shall mean the sum of (a) that portion of the
     interest expense of the Partnership for each period in which the drawn down
     portion of the Non-Construction Loan Indebtedness exceeds the sum of (I)
     Thirty-Nine Million Dollars ($39,000,000.00) and (II) the Incremental
     Indebtedness, and which interest portion is attributable to such excess,
     plus (b) the portion of the costs incurred in connection with obtaining,
     negotiating and closing all Non-Construction Loan Indebtedness which are
     either (I) agreed by the Partners, or (II) in the absence of such an
     agreement, equal to the product of (i) all such costs described in clause
     (b) incurred by the Partnership as a result of such Non-Construction Loan
     Indebtedness (but only to the extent such costs would not otherwise have
     been incurred had the Non-Construction Loan Indebtedness not been in excess
     of the Indebtedness Threshold), and (ii) a fraction, the numerator of which
     is the excess of [(x) the total Non-Construction Loan Indebtedness, over
     (y) the sum of (I) Thirty-Nine Million Dollars ($39,000,000.00) and (II)
     the Incremental Indebtedness] and the denominator of which is the total
     Non-Construction Loan Indebtedness.

     EXISTING REALTY CLAIMS: Those claims which are so defined in the Realty
     Purchase Agreements.

     INCREMENTAL INDEBTEDNESS: The principal amount of indebtedness incurred by
     the Partnership (other than Designated Expense Item Loans), and interest
     thereon, to pay (i) Realty Insurance Premiums, (ii) all sums necessary to
     remove and satisfy Existing Realty Claims, and (iii) all sums necessary to
     remove and satisfy New Non-Seller Realty Claims.

     INDEBTEDNESS THRESHOLD: Shall mean the sum of (i) Forty-Five Million
     Dollars ($45,000,000.00), and (ii) the Incremental Indebtedness.

     NEW NON-SELLER REALTY CLAIMS: Those claims which are so defined in the
     Realty Purchase Agreement.

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     NON-CONSTRUCTION LOAN INDEBTEDNESS: The aggregate of the Bridge Loan and
     any other indebtedness secured by a mortgage or mortgages encumbering the
     Property and incurred by the Partnership prior to the closing of the
     Construction Loan. In no event may the principal amount of the
     Non-Construction Loan Indebtedness outstanding at any time and from time to
     time exceed the sum of (i) Sixty Million Dollars ($60,000,000.00) and (ii)
     the Incremental Indebtedness, without the consent of Sonesta.

     REALTY INSURANCE PREMIUMS: Any and all premiums paid by the Partnership
     with respect to insurance policies relating to the Property and the Hotel
     and the operation and use thereof, including but not limited to hazard and
     liability insurance.

     SONESTA ALLOCABLE EXPENSE BURDEN: An amount equal to the sum of (i) fifty
     percent (50%) of the Realty Insurance Premiums, (ii) fifty percent (50%) of
     the Existing Realty Claims, and (iii) one hundred percent (100%) of the
     Seller Claims (as such term is defined in the Realty Purchase Agreement).

     SONESTA GUARANTEED AMOUNT: An amount to be paid by the Fortune Partners to
     Sonesta, if at all, immediately prior to the liquidation of the
     Partnership, if, as a result of aggregate distributions made by the
     Partnership to Sonesta pursuant to Section 7.1 and Section 7.2, Sonesta's
     Unreturned Capital has not been reduced to equal the Sonesta Allocable
     Expense Burden. In such event, the Fortune Partners shall pay to Sonesta an
     amount equal to the difference, if any, between (i) the amount Sonesta
     would have received pursuant to Sections 7.1 and 7.2 if the Existing
     Indebtedness had been satisfied by a Capital Contribution made by the
     Fortune Partners, and (ii) the sum of (y) the amount actually received by
     Sonesta pursuant to Sections 7.1 and 7.2, and (z) the Sonesta Allocable
     Expense Burden. The operation of this definition is illustrated on SCHEDULE
     SGA attached hereto."

     3.   Subsection 5.2(a)(ii) of the Existing Agreement is hereby amended by
deleting the present Subsection 5.2(a)(ii) of the Existing Agreement and
replacing it with the following Subsection 5.2(a)(ii):

"Notwithstanding anything to the contrary contained herein, if and to the extent
that at any time prior to the closing of the Construction Loan, Fortune GP
desires to cause the Partnership to encumber the Property with indebtedness of
any kind or nature, including but not limited to the Bridge Loan, in an
aggregate principal amount in excess of the Indebtedness Threshold (such excess,
the "EXCESS INDEBTEDNESS"), as a condition to drawing down any such additional
indebtedness the Fortune Partners must contemporaneously therewith make
Additional Capital Contributions if and to the extent necessary so that the
aggregate Capital Contributions made by the Fortune Partners while such Excess
Indebtedness is outstanding is not less than the sum of (i) Thirty Million
Dollars ($30,000,000.00) and (ii) the then funded Excess Indebtedness. In no
event, however, shall the total amount of the total Non-Construction Loan
Indebtedness incurred by the Partnership prior to the closing of the
Construction Loan exceed the sum of (i) Sixty Million Dollars ($60,000,000.00)
and (ii) the Incremental Indebtedness without Sonesta's prior consent."

     4.   The Existing Agreement shall be amended by adding thereto the
following Section 5.6:

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     "5.6 INCREMENTAL INDEBTEDNESS; DESIGNATED EXPENSE ITEMS; DESIGNATED EXPENSE
          ITEM LOANS

          Notwithstanding anything to the contrary contained herein, the
          Partners recognize and agree that the General Partner shall seek to
          obtain third party financing to pay for Realty Insurance Premiums and
          to remove and satisfy all Existing Realty Claims and all New
          Non-Seller Realty Claims (the "DESIGNATED EXPENSE ITEMS"). Any such
          indebtedness so incurred shall constitute the "Incremental
          Indebtedness." The Incremental Indebtedness need not be a separate
          loan facility, rather it may be part of the Bridge Loan or the
          Construction Loan. The Partners have further agreed that in the event
          the General Partner is unable, at any time or from time to time, to
          obtain third party financing to pay for the cost of the Designated
          Expense Items, the General Partner shall notify all of the Partners of
          its inability to do so and shall request that the Partners make loans
          to the Partnership for their pro rata share of the then necessary cost
          of the Designated Expense Items. All Partners electing to make such
          loans, which shall be discretionary in all events, shall make such
          loans in proportion to their Percentage Interests or in such other
          proportions as they agree. All such loans shall be "DESIGNATED EXPENSE
          ITEM LOANS" and shall bear interest at the lowest applicable federal
          rate in effect on the date on which the Designated Expense Item Loan
          is made and shall be repayable prior to any other distribution to the
          Partners pursuant to Article 7; provided however that in the event
          that only Sonesta, on the one hand, or either of the Fortune Partners,
          on the other hand, elect to make such Designated Expense Item Loans,
          such loans shall bear interest at the rate of fifteen percent (15%)
          per annum compounded annually."

     5.   Except as and to the extent modified herein, the Existing Agreement
shall remain in full force and effect according to its terms and is hereby
ratified.

     6.   All of the terms and conditions herein contained shall be binding upon
and inure to the benefit of the parties and their respective successors and
assigns.

     7.   This Second Amendment shall be governed by Florida law.

     8.   The Second Amendment may be executed in one or more counterparts, each
of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterparts received by facsimile shall be treated
the same as originals.

                            [SIGNATURE PAGE FOLLOWS.]

                                                                             202
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     IN WITNESS WHEREOF, the parties have executed the Second Amendment as of
the day and year provided above.

                            GENERAL PARTNER:

                            FORTUNE KB GP, LLC, a Florida limited liability
                            company

                            By: Fortune International Management, Inc., Manager

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Edgardo Defortuna
                                     Title: President

                            LIMITED PARTNERS:

                            FORTUNE KB, LLC, a Florida limited liability
                            company

                            By: Fortune International Management, Inc., Manager

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Edgardo Defortuna
                                     Title: President

                            SONESTA BEACH RESORT LIMITED
                            PARTNERSHIP, a Delaware limited partnership

                                  By: Florida Sonesta Corporation, a Florida
                                      corporation

                                  By:     /S/
                                     ----------------------------------------
                                     Name:  Peter Sonnabend
                                     Title: Vice-President

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