Tonosol to sell out to US firm

Tonosol to sell out to US firm

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Uruguayan hotel operator Tonosol said it has reached an agreement to sell 100% of the company to US-based White Elephant Properties after racking up losses during the coronavirus pandemic. The Montevideo-based company, which operates the Aloft Montevideo and Sheraton Montevideo hotels in the capital city, said the deal will likely close before November 15, according to a securities filing. Tonosol did not disclose the sale price. Both Tonosol and White Elephant could not be reached for comment.

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