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                                                                 EXHIBIT 10.1(g)

                     COLLATERAL PLEDGE AND ESCROW AGREEMENT
                                  ($4,000,000)

     THIS COLLATERAL PLEDGE AND ESCROW AGREEMENT (the "Agreement") is made as of
this ___ day of December, 2000, by and among FLAGLER ON THE PARK, INC., a
Florida corporation ("FOTP"), FLAGLER MUTINY BAY, INC., a Florida corporation
("FMB"), SPECTRO REALTY, INC., a Delaware corporation ("Spectro") (FOTP, FMB and
Spectro are hereinafter referred to individually as a "Partner" and collectively
as the "Partners"), MUTINY ON THE PARK, LTD., a Florida limited partnership (the
"Debtor"), SONESTA COCONUT GROVE, INC., a Florida corporation (the "Secured
Party"), and GUNSTER, YOAKLEY & STEWART, P.A., a professional association (the
"Escrow Agent"), each with an address as set forth in Section 5 hereof.

     FOR AND IN CONSIDERATION of the sum of Ten ($10.00) Dollars each to the
other in hand paid, and for other good and valuable considerations, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree upon
the following terms and condition:

                                    T E R M S

     1. CREATION OF THE SECURITY INTEREST. To induce the Secured Party to extend
credit to the Debtor, which indebtedness is evidenced by a promissory note by
Debtor in the amount of Four Million and No/100 Dollars (4,000,000.00) plus
interest thereon (the "Note"), which Note is attached hereto as EXHIBIT "B" and
incorporated herein by this reference, and to secure the prompt payment and
performance of Debtor's obligations under the Note and all reasonable costs,
fees, charges, expenses, including attorneys' fees incurred in enforcing the
Note (collectively the "Obligations"), the Partners (who hereby warrant and
represent to the Secured Party that they collectively own 100% of the
partnership interests in the Debtor as set forth in EXHIBIT A attached hereto)
hereby grant to Secured Party a continuing security interest in the collateral
described in paragraph 2 hereof (the "Collateral").

     2. COLLATERAL. The Collateral under this Agreement is the partnership
interests in the Debtor owned by each Partner and as more particularly set forth
in the attached hereto EXHIBIT "A" and incorporated herein by this reference
(the "Interests"). Each Partner has executed and delivered, in escrow, an
Assignment of Partner's Interest (individually an "Assignment" and collectively
the "Assignments"), which Assignments have been deposited with Escrow Agent
contemporaneously with the execution of this Agreement.

     3. DEFAULT. A default ("Default") under this Agreement shall exist upon the
occurrence of

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any one or more of the following: (a) any payment required to be made in
connection with the Note, the Obligations or this Agreement shall not be made
when due, and Debtor or the Partners shall fail to cure such default within
fifteen (15) days of receipt of written notice of the same; (b) the breach by
Debtor or the Partners of any other term, obligation or condition of this
Agreement or the Note, and the failure of Debtor or the Partners to remedy the
same within thirty (30) days of written notice by Secured Party advising of such
lack of compliance, provided, however, that if such default cannot be remedied
within such thirty (30) day period, Debtor or the Partners shall be permitted
additional time to effect such cure so long as the Debtor or the Partners shall
have promptly commenced and shall diligently prosecute such cure and the same is
capable of being cured; (c) the filing by Debtor or the Partners of any
voluntary petition seeking liquidation, reorganization, arrangement,
readjustment of debts or for any other relief under the U.S. Bankruptcy Code or
under any other act or law pertaining to insolvency or debtor relief, whether
state, federal or foreign, now or hereafter existing; or (d) the filing against
Debtor or the Partners of any involuntary petition seeking liquidation,
reorganization, arrangement, readjustment of debts or for any other relief under
the U.S. Bankruptcy Code or under any other act or law pertaining to insolvency
or debtor relief, whether state, federal or foreign, now or hereafter existing,
and the failure of the same to be dismissed within ninety (90) days of the
filling thereof.

     4. REMEDIES OF SECURED PARTY ON DEFAULT. Upon the occurrence of a Default
hereunder, the Secured Party shall have all rights and remedies at law or in
equity, including, without limitation those remedies provided by the Uniform
Commercial Code in the State of Florida which include (among others) the right
to sell the Collateral at public or private sale and to become the purchaser of
the Collateral at any such sale, free and clear of any claim, right or equity of
redemption, all of which are expressly waived and released by the Partners. For
purposes of any notice required to be given to dispose of all or any part of the
Collateral, seven (7) days' notice computed from the date of the giving of such
notice shall be reasonable and adequate.

     5. NOTICE. Any notice required to be given to any of the parties hereto
shall be effective when received and shall be made by: (a) first class postage
prepaid, registered or certified mail, return receipt requested, or (b)overnight
courier, provided delivery is evidenced by a written receipt, at the following
addresses or such other addresses as the parties may hereafter designate in
writing:

          To Secured Party: SONESTA COCONUT GROVE, INC.
                            c/o Sonesta International Hotels Corporation
                            200 Clarendon Street
                            Boston, Massachusetts 02116
                            Attention:  Office of the Treasurer

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          To Partners:      FLAGLER ON THE PARK, INC.
                            2951 S. Bayshore Drive, Suite 217
                            Miami, Florida  33133
                            Attention: President

                            FLAGLER MUTINY BAY, INC.
                            2951 S. Bayshore Drive, Suite 217
                            Miami, Florida  33133
                            Attention: President

                            SPECTRO REALTY, INC.

                            C/O Stephen Rasch, Esq.
                            Loeb, Block & Partners
                            505 Park Ave., 9th Floor
                            New York, NY     10022

          To Debtor:        MUTINY ON THE PARK, LTD.
                            2951 S. Bayshore Drive, Suite 217
                            Miami, Florida  33133
                            Attention: General Partner

          To Escrow Agent:  Gunster, Yoakley & Stewart, P.A.
                            500 East Broward Boulevard, Suite 1400
                            Fort Lauderdale, FL 33394
                            Attention: Andrew S. Robins, Esq.

     6. RECEIPT OF COLLATERAL BY ESCROW AGENT. Escrow Agent hereby acknowledges
receipt of the Assignments, as Collateral. Escrow Agent further agrees to hold
the Assignments as Collateral hereunder and serve as Escrow Agent subject only
to the terms of this Agreement. No implied duties or obligations shall be read
into this Agreement against Escrow Agent.

     7. RELEASE AND DELIVERY OF ASSIGNMENT.

          7.1 The Escrow Agent shall release and deliver the Assignments to:

                   8.1.1 each Partner, with respect to its separate Assignment,

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                         immediately upon receipt of written notice from the
                         Secured Party (but signed by both the Secured Party and
                         the Partners) that the Note has been paid in full, that
                         any applicable preference periods under applicable
                         federal and state bankruptcy law have expired, that no
                         petition has been filed by or against the Partners or
                         the Debtor pursuant to applicable federal or state
                         bankruptcy law, and directing that the Assignments be
                         delivered to the Partners, or

                   8.1.2 each Partner, with respect to its separate Assignment,
                         on the tenth (10th) business day after receipt of
                         written notice (signed only by the Partners) that the
                         Note has been paid in full, that any applicable
                         preference periods under applicable federal and state
                         bankruptcy law have expired, that no petition has been
                         filed by or against the Partners or the Debtor pursuant
                         to applicable federal or state bankruptcy law, and
                         directing that the Assignments be delivered to the
                         Partners but only if (in the interim) the Secured Party
                         has not given the Escrow Agent written notice that any
                         of the foregoing conditions have not been satisfied, or

                   8.1.3 Secured Party immediately upon receipt of written
                         notice (signed by the Secured Party and Debtor) that
                         the Note is in Default and directing that the
                         Assignments be delivered to the Secured Party, or

                   7.1.4 Secured Party on the tenth (10th) business day after
                         the receipt of written notice (signed only by the
                         Secured Party) that the Note is in default and
                         directing that the Assignments be delivered to the
                         Secured Party but only (if in the interim) the Debtor
                         or the Partners have not given written notice to the
                         effect that the Note is not in Default.

          7.2  Upon delivery of the Assignments to Secured Party pursuant to
               section 7.1.3 or 7.1.4 hereof, Secured Party (or its permitted
               assignee(s) hereunder) shall accept the Assignments, at which
               point the Assignments shall become effective. If the Escrow Agent
               has received notice under

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               subparagraph 7.1 above signed only by one party, the Escrow Agent
               shall immediately notify the non-signing parties, by both
               telephone and in writing, to the effect that the other party has
               given written notice directing that the Assignments be released
               from escrow on the basis that the Note has been paid in full (and
               that any applicable preference periods under applicable federal
               and state bankruptcy law have expired and no petition has been
               filed by or against the Partners or the Debtor pursuant to
               applicable federal or state bankruptcy law), or a Default exists
               under the Note, as the case may be.

          7.3  The Escrow Agent shall act as depository only and shall be
               obligated to perform only the duties that are expressly set forth
               herein. Escrow Agent shall not be under any obligation to take
               any legal action in connection with the enforcement of this
               Agreement. The Escrow Agent may act in reliance upon any writing
               or instrument or signature which it, in good faith, believes to
               be genuine, may assume the validity and accuracy of any
               statements or assertions contained in such writing or instrument,
               and may assume that any person purporting to give any writing,
               notice, advice or instruction in connection with the provisions
               hereof has been duly authorized to do so. The Escrow Agent shall
               not be liable in any manner for the sufficiency or correctness as
               to form, manner of execution or validity of any written
               instructions delivered to it, the sufficiency of the title to the
               property to be conveyed, nor as to the identity, authority, or
               rights of any person executing the same. The duties of the Escrow
               Agent shall be limited to the safekeeping of the Assignments and
               to disbursements of same in accordance with the written
               instructions described herein. The Escrow Agent undertakes to
               perform only such duties as are expressly set forth herein, and
               no implied duties or obligations shall be read into this
               Agreement against the Escrow Agent. Upon the Escrow Agent's
               delivery of the Assignments in accordance with the provisions
               hereof, the escrow shall terminate, and the Escrow Agent shall
               thereafter be released of all liability hereunder.

          8.1  The Escrow Agent may consult with counsel of its own choice and
               shall have full and complete authorization and protection for any
               action taken or suffered by it hereunder in good faith and in
               accordance with the

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               opinion of such counsel. The Escrow Agent shall otherwise not be
               liable for any mistakes of fact or error of judgement, or for any
               acts or omissions of any kind unless caused by its willful
               misconduct or gross negligence, and the parties hereto (jointly
               and severally) agree to indemnify and hold the Escrow Agent
               harmless from any claims, demands, causes of action, liability,
               damages, judgements, including the cost of defending any action
               against it, together with any reasonable attorney's fees incurred
               therewith, in connection with Escrow Agent's undertaking pursuant
               to the terms and conditions of this Escrow Agreement, unless such
               act or omission is a result of the willful misconduct or gross
               negligence of the Escrow Agent. The Escrow Agent shall be vested
               with a lien on all property deposited hereunder, for
               indemnification, for attorneys' and accountants' fees, court
               costs, and any and all expenses regarding any suit, interpleader
               or otherwise, or any other expenses, fees or charges of any
               character or nature which may be incurred by said Escrow Agent by
               reason of disputes arising among the parties or by any one of
               them to this escrow as to the correct interpretation of this
               Agreement and instructions given to the Escrow Agent hereunder,
               or otherwise, with the right of said Escrow Agent, regardless of
               the instructions aforesaid, to hold the Collateral and Assignment
               until and unless all of said expenses, fees and charges shall be
               fully paid to the Escrow Agent.

          8.2  In the event of disagreement about the interpretation of this
               Agreement, or about the rights and obligations or the propriety
               of any action contemplated by the Escrow Agent hereunder, Escrow
               Agent may, at its sole discretion, file an action in interpleader
               to resolve the said disagreement. The parties hereby agree to
               jointly and severally indemnify and hold Escrow Agent harmless
               from any fine, penalty, loss, or liability arising out of or
               related to this Agreement, and for all costs and expenses,
               including the fees and expenses of counsel, incurred in
               connection with such Escrow Agent's performance of the Escrow
               Agent's duties hereunder, except in case of such Escrow Agent's
               own gross negligence or willful misconduct; including reasonable
               attorney's fees, in connection with the aforesaid interpleader
               action.

          8.1  The Escrow Agent may resign at any time upon the giving of thirty
               (30)

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               days written notice to the Secured Party, the Partners and
               Debtor. Within said thirty (30) day period, the Secured Party and
               Debtor shall have the sole right to appoint by a writing signed
               by both parties, a successor Escrow Agent upon notice to the
               Escrow Agent. Thereupon, the Assignment may be transferred from
               the Escrow Agent to the successor Escrow Agent. If a successor
               Escrow Agent is not appointed by them within thirty (30) days
               after notice of registration, the Escrow Agent may name a
               successor Escrow Agent, and the Escrow Agent herein shall be
               fully relieved of all liability under this Agreement to any and
               all parties, upon the transfer of, and due accounting for, the
               escrow deposits to the successor Escrow Agent designated either
               by the Secured Party and Debtor or appointed by the Escrow Agent.

          8.2  Nothing contained herein or any performance by the Escrow Agent
               or any party hereunder shall impair or affect Escrow Agent's
               ability and full right and authority to represent the Debtor in
               connection with any matter (including, without limitation, any
               interpleader action instituted by the Escrow Agent arising from
               this Agreement), whether or not related to the subject matter
               hereof, nor shall Escrow Agent's agreement to act as Escrow Agent
               hereunder create any impropriety or conflict of interest (or any
               appearance thereof) in connection with Escrow Agent's
               representation of the Debtor. For the purposes of avoidance of
               any doubt, Secured Party hereby expressly waives any claim of
               conflict of interest against Escrow Agent arising from its status
               as escrow agent hereunder.

8.   MISCELLANEOUS.

          8.1  The terms "Secured Party," "Partners" and "Debtor," as used in
               this Agreement shall include their respective transferees, heirs,
               legal representatives, successors and assigns. Secured Party
               shall have the right to assign this Agreement (including, without
               limitation, any specific rights herein) to any affiliate of the
               Secured Party or any entity controlled by the Secured Party
               without the consent of, or notice to, the Partners or Debtor.

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          8.2  If either the Secured Party, the Partners or the Debtor is
               required to enforce or defend under this Agreement, all of the
               costs incurred by the Secured Party, Partners or the Debtor, as
               the case may be, including reasonable attorney's fees, shall be
               paid by the non-prevailing party. All costs and expenses of the
               Escrow Agent hereunder shall be paid by both the Debtor and the
               Secured Party in equal amounts, provided that if any of such
               costs and/or expenses of the Escrow Agent are incurred as a
               result of actions of any party hereto which are contrary to the
               terms of this Agreement, such party shall be responsible for such
               costs and/or expenses.

          8.3  Upon payment or other satisfaction in full of all Obligations of
               the Debtor to the Secured Party and the expiration of any
               applicable preference periods under applicable federal and state
               bankruptcy law provided that no petition has been filed by or
               against the Partners or the Debtor pursuant to applicable federal
               or state bankruptcy law, the security interest herein granted
               shall terminate and Secured Party shall cause the transfer and
               delivery of the Assignments held by Escrow Agent hereunder to
               each of the Partners to whom each Assignment relates free and
               clear of this Agreement and the security interest granted
               hereunder.

          8.4  Wherever used herein, the singular shall include the plural and
               the plural shall include the singular, and the use of the
               masculine, feminine or neuter gender shall include the use of any
               other gender where applicable.

          8.5  This Agreement may be executed in counterparts, each of which
               shall be deemed an original, but all of which taken together
               shall constitute one and the same instrument.

          8.6  If any term or provision of this Agreement or the application
               thereof to any person or circumstances shall, to any extent, be
               held invalid or unenforceable, the remainder of this Agreement,
               or the application of such term or provision to persons or
               circumstances other than those as to which it is held invalid or
               unenforceable, shall not be affected thereby, and such term and
               provision of this Agreement shall be valid

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               and be enforceable to the fullest extent provided by law.

          8.7  This Agreement, the Note, and all other documents to which
               reference is made herein, constitute the entire and complete
               Agreement of the parties hereto, and supersede any prior
               agreements, arrangements or understandings relating to the
               subject matter hereof, and may not be amended, modified,
               superseded or canceled unless in writing and executed by the
               Debtor, Secured Party, and Escrow Agent; or, in the case of a
               party waiving compliance, executed by the waiving party and shall
               be binding upon and inure to the benefit of, and be enforceable
               by, the parties hereto and their respective heirs-at-law,
               legatees, distributees, executors, administrators, successors and
               assigns and other legal representatives. Any agreement hereafter
               made shall be ineffective to change, modify, waive, release,
               discharge, terminate or effect an abandonment of this Agreement,
               in whole or in part, unless such agreement is in writing and
               signed by the party against whom enforcement of the change,
               modification, waiver, release discharge, termination or the
               effecting of the abandonment is sought.

          8.8  The parties hereto agree that they will execute and/or endorse
               and deliver to the others any documents reasonably requested by
               the others including but not limited to any financing statement
               required to perfect Secured Party's security interest and do all
               other things which are or may become necessary to fully
               effectuate the intent of this Agreement. Simultaneously with the
               execution of this Agreement, the Debtor, the Partners and the
               Secured Party shall execute a UCC-1 financing statement, which
               shall be filed with the Florida Secretary of State and any other
               office, as appropriate to perfect Secured Party's security
               interest in the Collateral.

          8.9  This Agreement shall be governed by and in all respects construed
               in accordance with the laws of the State of Florida.

          8.10 The parties hereto agree that, in the event of a breach by any
               party of any of the terms and conditions of this Agreement, the
               calculation of money damages would be impossible or difficult of
               determination. The parties hereby specifically agree that in the
               event of any actual,

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               pending or threatened breach of such terms and conditions, each
               party shall have the right to seek any and all equitable relief
               as it, in its sole discretion, may determine, including, but not
               by way of limitation, the right of a temporary or permanent order
               restraining any action contrary to the provisions of this
               Agreement or to the intention of the parties represented herein.
               Any party against whom such action or proceeding is brought
               hereby waives the claim or defense therein that such party
               bringing any such action or proceeding is brought shall not urge
               in any such action or proceeding the claim or defense that such
               remedy at law exists.

     IN WITNESS WHEREOF, the parties hereto and the Escrow Agent have entered
into this Agreement on the date first set forth above.

                       SECURED PARTY:

                       SONESTA COCONUT GROVE, INC.

                       By: /s/
                              ----------------------------
                       Name:
                              -----------------------------
                       Title:
                              ----------------------------

                       DEBTOR:

                       MUTINY ON THE PARK, LTD.

                       By:  Flagler on the Park, Inc., its sole general partner

                                 By: /s/ Ricardo Dunin
                                         --------------------------------------
                                                 Ricardo Dunin, President

                       THE PARTNERS:

                       FLAGLER ON THE PARK, INC.

                       By: /s/ Ricardo Dunin
                               ----------------------------
                                 Ricardo Dunin, President

                       FLAGLER MUTINY BAY, INC.

                       By: /s/ Ricardo Dunin
                               ----------------------------
                                 Ricardo Dunin, President

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                       SPECTRO REALTY, INC.

                       By: /s/
                               ----------------------------
                       Name:
                               ----------------------------
                       Title:
                               ----------------------------

                       ESCROW AGENT:

                       GUNSTER, YOAKLEY & STEWART, P.A.

                       By: /s/
                               ----------------------------
                       Name:
                               ----------------------------
                       Title:
                               ----------------------------

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                                   EXHIBIT "A"

PARTNER                                 PERCENTAGE INTEREST

Flagler on the Park, Inc.               1% (General Partner)

Flagler Mutiny Bay, Inc.                52.625% (Limited Partner)

Spectro Realty, Inc.                    46.375 % (Limited Partner)

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                                                                 EXHIBIT 10.2(a)

                    SONESTA INTERNATIONAL HOTELS CORPORATION
                                (the "Borrower")

             First Allonge to $2,000,000 Commercial Promissory Note
                      dated September 29, 2000 (the "Note")

                                                          Boston, Massachusetts
                                                          September 29, 2001

1. Amendment to Maturity.

     As used in the Note, the definition of "Maturity" is hereby amended to read
"September 29, 2002."

     THIS ALLONGE IS MADE AND DELIVERED by the Borrower and shall be a part of
the Note. The Note referred to above, as amended hereby, is hereby reaffirmed by
the Company.

                                        SONESTA INTERNATIONAL
                                        HOTELS CORPORATION

                                        By: /s/ Peter J. Sonnabend
                                                -------------------------
                                            Peter J. Sonnabend
                                            Vice Chairman

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