FAIRFIELD, N.J., July 5 /PRNewswire/ -- Prime Hospitality Corp. (NYSE: PDQ) has announced it has sold the Princeton Holiday Inn to Remington Hotel Corporation, a Dallas, TX- based hotel ownership and management company for $18.2 million.
The sale represents Prime's 16th hotel disposition this year and reflects its ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights. Prime intends to utilize the proceeds to repurchase stock, retire debt, and/or invest in the growth of its proprietary brands. Since the beginning of the year, Prime has generated approximately $185 million from asset sales which include four AmeriSuites, five Wellesley Inn & Suites, two full-service hotels, and five HomeGate hotels. In addition, Prime currently has several other asset sales under contract or in
negotiation.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages and/or franchises over 200 hotels throughout the United States. The Company operates two proprietary brands, AmeriSuites(R) (all-suites) and Wellesley Inn & Suites(R) (limited service). Also within Prime's portfolio are owned and/or managed hotels operated under franchise agreements with
national chains including Hilton, Sheraton, Radisson, Holiday Inn and Ramada.
SOURCE Prime Hospitality Corp.
Logos, product and company names mentioned are the property of their respective owners.
