NEW YORK (Reuters) ? Insiders at Sonesta International Hotels Corp. (SNSTA.O) have sold almost 12 percent of their holdings over the past month, pocketing big profits from the stock?s stunning run up over that time.

Before January 18, the ordinarily sleepy stock hadn?t traded above $8 in about 2- years.

Then, the stock of Sonesta, which sold the Sonesta Beach Hotel in Bermuda last year, but still operates hotels it owns or leases in Florida, Louisiana and Massachusetts, jumped $10.50 on January 18 to close at $18.50.

The Boston-based company said it would get $120 million from a redevelopment deal of its Key Biscayne resort.

Sonesta?s stock peaked on February 15 at $42.77, a fresh 52-week high, and closed that day at $42.35 on Nasdaq.

Company insiders ?- members of the Sonnabend family and non-family executives and directors ? were quick to respond by selling their own shares.

The insiders own 48 percent of the company?s stock, according to www.insiderscoop.com.

The nine insiders directly held 1,026,192 shares before the stock took off, and since February 7, they have sold 120,500 shares, according to data from www.insiderscoop.com.

The stock closed on Friday at $35.47 on Nasdaq, down just 3 cents on the day after whipsawing up and down within a range of $33 to $39.61.

?We?re all somewhat surprised to see how high it has climbed,? said Peter J. Sonnabend, Sonesta?s chief executive and vice chairman.

Almost a year ago, on Feb. 24, 2004, the stock hit its 52-week low at $4.85.

Peter J. Sonnabend said the stock?s rise is due to investor sentiment that the company is undervalued, and from the deal with a Miami developer and brokerage to turn the Key Biscayne resort into a luxury condominium hotel.