Brand Will Expand Portfolio to 15 Hotels & Resorts by July 2004
Prime Hospitality Corp. (NYSE: PDQ) today added the fifth property to its growing PRIME Hotels & Resorts portfolio with the conversion of the Wyndham Sunnyvale to PRIME Hotel Sunnyvale.
The first California property to join the new upscale, full-service hotel brand, PRIME Hotel Sunnyvale, situated in the heart of the Silicon Valley with 180 guest rooms and 18 suites, is one of the area’s top properties serving both the business and leisure market.
This new addition to the chain is the second of 12 Wyndham hotels being converted to the PRIME Hotels & Resorts brand. These 12 hotels add a total of 2,321 rooms and 48,229 square feet of meeting space. With 10 more Wyndham conversions transitioning over the next two months, upon completion, the hotel chain will boast 15 properties in major markets coast to coast, including Atlanta, Seattle, San Diego, northern New Jersey and Phoenix.
“The first two Wyndham conversions position PRIME Hotels & Resorts on the country’s west coast, moving forward with our plans to offer upscale properties nationwide,” states A. F. Petrocelli, Chairman and CEO of Prime Hospitality Corp. “Our goal is to build a strong portfolio of properties in key cities coast to coast, delivering quality and great service to the business and leisure traveler.”
Prime Hospitality Corp. launched the PRIME Hotels & Resorts brand in January 2003 with the conversion of the Sheraton Saratoga Springs to PRIME Hotel & Conference Center- Saratoga Springs, NY. In March of this year, the chain expanded with the re-branding of the Radisson Hotel & Suites, Fairfield, NJ and the Radisson Suites, Secaucus, NJ, and on May 12 it converted the first of 12 Wyndham hotels (in Salt Lake City) to the PRIME Hotels & Resorts brand. The Wyndham conversions will bring the PRIME Hotels & Resorts hotel count to 15 properties coast to coast.
In December 2003, Prime Hospitality Corp. entered into a management agreement with Hospitality Properties Trust (HPT) for 24 AmeriSuites hotels and 12 full-service Wyndham hotels to be re-branded under PRIME Hotels & Resorts chain. The agreement became effective on January 1, 2004 for the AmeriSuites hotels and February 1, 2004 for the PRIME Hotels & Resorts hotels. Also, as part of the agreement, HPT will provide $25 million during the first two years to pay for re-branding and other capital improvements on the 36 hotels.
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