SONESTA INTERNATIONAL HOTELS CORP
EXHIBIT 10-1E
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<TYPE>EX-10.1(E)
<SEQUENCE>7
<FILENAME>a2074871zex-10_1e.txt
<DESCRIPTION>EXHIBIT 10-1E
<TEXT>
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                                                                 EXHIBIT 10.1(e)
                                 PROMISSORY NOTE

Facility:    FURNISHINGS AND EQUIPMENT LOAN

             CONSTRUCTION AND FF&E Loan

Amount:      $4,000,000.00

Date:        DECEMBER__, 2000

For Value Received, Mutiny on the Park, Ltd, a Florida limited partnership (the
"Owner") promises to pay to the order of Sonesta Coconut Grove, Inc., a Florida
corporation ("Payee") at its offices at 200 Clarendon Street, Boston,
Massachusetts 02116, Attention: Office of the Treasurer, or at such other place
as may be designated by the Payee, the principal amount of Four Million and
No/100 Dollars ($4,000,000.00), (or such other principal amount as may be
outstanding from time to time) together with interest from the date hereof on
the unpaid principal balance hereunder, computed daily at the interest rate
indicated below, payable in accordance with the provisions of the section
entitled ADVANCES AND PAYMENT SCHEDULE below.

INTEREST RATE

The interest rate shall be the prime or base rate quoted by Citibank, N.A, plus
seventy-five (75) basis points, adjusted on a monthly basis.

Interest will be payable in arrears at the rate set forth above and will be
calculated on the basis of a 360 day year.

Whenever there is a default under this note ("Note") the interest rate of
interest on the unpaid principal and interest shall, at the option of the Payee,
become the Default Rate (defined in the section entitled REMEDIES below).

Notwithstanding any other provision contained in this Note, the Payee does not
intend to charge and the Owner shall not be required to pay any amount of
interest or other fees or charges that is in excess of the maximum permitted by
applicable law. Any payment in excess of such maximum shall be refunded to the
Owner or credited against principal, at the option of the Payee.

ADVANCES AND PAYMENT SCHEDULE

All payments received hereunder shall be applied first to the payment of any
expenses or charges payable hereunder, then to interest due and payable, with
the balance being applied to principal, or in such other order as the Payee
shall determine at its option.

Advances under this Note and payments of interest hereunder and repayment of
principal shall be in accordance with the terms more particularly set forth in
the Loan Term Sheet attached as Exhibit 1.22 to that certain Management
Agreement dated December __, 2000 between Owner and Payee, a copy of the Loan
Term Sheet is attached hereto as Schedule A and incorporated herein by this
reference.

GENERAL PROVISIONS

WAIVERS. Owner (i) waives presentment, demand, notice of demand and notice of
acceleration of maturity, protest, notice of protest and notice of nonpayment,
notice of dishonor, and any other notice required to be given under the law to
Owner, in connection with the delivery, acceptance, performance, default or
enforcement of this Note, of any endorsement of this Note; (ii) agrees to pay,
on demand, all costs and expenses of collection of this Note and/or the
enforcement of Payee's rights with respect to realization upon any collateral
securing payment hereof (whether or not a lawsuit or other proceeding is
instituted),

                                                                              93
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including, without limitation, reasonable attorneys' fees, including fees for
appellate work.

GOVERNING LAW. This Note is delivered in and shall be construed under the
internal laws and judicial decisions of the State of Florida and the laws of the
United States as the same might be applicable. In any litigation in connection
with or to enforce this Note, Owner irrevocably consents to and confers personal
jurisdiction on the courts of the State of Florida or the United States courts
located within the State of Florida, and expressly waives any objections as to
venue in any of such courts, and agrees that service of process may be made on
Owner by mailing a copy of the summons and complaint by registered or certified
mail, return receipt requested, to Owner. The term "Payee" as used in the Note
shall include Payee's successors, endorsees and assigns. The terms "Owner" as
used in this Note shall include the respective successors, assigns, heirs and
personal representatives thereto or thereof.

DEFAULT. This Note shall be in default upon the occurrence of: (a) a Default
under that certain Collateral Pledge and Escrow Agreement (the "Pledge") dated
as of the date hereof by Owner in favor of Payee, at any time from the date
hereof until termination of the Pledge pursuant to its terms, or (b) an Event of
Default under that certain Mortgage attached hereto as SCHEDULE B, at any time
after execution thereof by the parties until termination of the Mortgage
pursuant to its terms. With respect to Owner's obligations hereunder, time is of
the essence.

REMEDIES. Whenever there is a default under this Note, (a) the entire balance
outstanding hereunder shall, at the option of the Payee, become forthwith due
and payable, without presentment, notice, protest or demand of any kind for the
payment of the whole or any part hereof (all of which are expressly waived by
Owner), and/or (b) to the extent permitted by law, the rate of interest on the
unpaid principal shall, at the option of the Payee, be increased to the interest
rate provided for herein plus five (5) percentage points, the "Default Rate");
(c) Payee may exercise any rights available to Payee in connection with
collateral for the Loan. The provisions herein for a Default Rate or a
delinquency charge shall not be deemed to extend the time for any payment
hereunder or to constitute a "grace period" giving the Owner a right to cure any
default. If the Default Rate is a factor of unpaid interest, fees or charges
may, for purposes of computing and accruing interest on a daily basis after the
due date of the Note or any installment thereof, be deemed to be a part of the
principal balance under the Note, and interest shall accrue on a daily
compounded basis after such date at the rate provided in this Note until the
entire outstanding balance of principal and interest is paid in full. Failure at
any time to exercise any of the aforesaid options or any other rights of Payee
shall not constitute a waiver thereof, nor shall it be a bar to the exercise of
any of the aforesaid options or rights at a later date. All rights and remedies
of the Payee shall be cumulative and may be pursued singly, successively or
together, at the option of the Payee.

SEVERABILITY. In the event any one or more of the provisions of this Note shall
for any reason be held to be invalid, illegal or unenforceable, in whole or in
part or in any respect, or in the event that any one or more of the provisions
of this Note operate or would prospectively operate to invalidate this Note,
then and in any of those events, such provision or provisions only shall be
deemed null and void and shall not affect any other provision of this Note and
the remaining provisions of this Note shall remain operative and in full force
and effect and shall in no way be affected, prejudiced or disturbed thereby. In
the event that any provisions of this Note are inconsistent with the provisions
of any other agreements or documents executed in connection with this Note, such
other agreements or documents shall control.

PREPAYMENT. Owner may prepay the principal balance of this Note, in full at any
time or in part from time to time.

                                           Mutiny on the Park, Ltd,

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

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