FAIRFIELD, N.J., Dec. 21 /PRNewswire/ -- Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its West Palm Beach Wellesley Inn hotel to Palm Beach Hospitality LLC. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement.
The 106-unit hotel is located at 1910 Palm Beach Lakes Blvd. in West Palm Beach, FL. and opened in August 1989. It is located off I-95, three miles from Palm Beach International Airport and five miles from the beach area.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights. Over the past two years, Prime has generated approximately $250 million from hotel sales including approximately $34 million in 2001 from the sales of four Wellesley Inns and one AmeriSuites.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises 234 hotels throughout the United States. The Company owns and operates two proprietary brands, AmeriSuites(R)
(all-suites) and Wellesley Inns & Suites(R) (limited-service). Also within Prime's portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Radisson, Sheraton, Holiday Inn and Ramada. Prime can be accessed over the Internet at http://www.primehospitality.com.
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