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.
Prime Hospitality Corp., one of the nation`s premiere lodging companies,
owns, manages, develops and franchises 238 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 and its brands can be accessed at http://www.amerisuites.com