Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Deerfield
Beach Wellesley Inn hotel to Bijal Hospitality, LLC. The hotel will continue
to be operated as a Wellesley Inn under a 20-year franchise agreement.
The 79-unit hotel is located at 100 SW 12th Avenue, Deerfield Beach, FL
and opened in 1986. It is less than two miles from the area beaches and
approximately 18 miles from the Fort Lauderdale 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
$23 million in 2002.