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.