Prime Hospitality Closes Sale of Jupiter Wellesley Inn
FAIRFIELD, N.J., June 25 /PRNewswire-FirstCall/ -- Prime Hospitality Corp. (NYSE:PDQ) announced today that it has completed the sale of its Jupiter Wellesley Inn hotel to Jupiter Hotel LLC. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement.
The 105-unit hotel is located at 34 Fisherman's Wharf in Jupiter, FL and opened in 1989. It is less than one mile from the area beaches and approximately 14 miles from the Palm Beach International Airport.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights. Over the past three years, Prime has generated over $350 million from hotel sales including approximately $20 million in 2002.
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