The Miami-based publicly traded company reports it received a loan letter of intent from Transcontinental Lending Group Inc. following a recent credit review. A formal commitment letter is expected within seven days of the Oct. 31 signing.
In obtaining the loan, the company now expects to complete the first phase of a plan to acquire several boutique-style hotels principally in the South Beach district.
Last June, the parent of Bestfoodonline.com Inc., announced it signed sales contracts on two small hotels--each containing a total of about 100 units--with an unidentified hotel chain that operates on South Beach. Closing then was tentatively scheduled for sometime in September, though it's apparent that didn't happen.
In an interview last June, Allen Weintraub, Vector Holdings' president, told GlobeSt.com that confidentiality agreements prevented him from disclosing the identity of the potential acquisition targets.
"We have contracts with a hotel chain in the South Beach area that doesn't want to portray the image that it's selling out," Weintraub says in that interview. "They also have other hotels under a branded name."
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