Prime Hospitality Corp. (NYSE: PDQ) announced today that it has completed the
sale of its Shelton, CT AmeriSuites hotel to FCLC Shelton, LLC. The hotel
will continue to be operated as a AmeriSuites under a 20-year franchise
The 128 suite hotel is located at 695 Bridgeport Avenue, Shelton, CT and
opened in 1998. It is situated near large corporate demand generators such as
General Electric and Pitney Bowes. Attractions in the area include Jai Lai
and greyhound racing. The hotel is also within close proximity to both Yale
and Fairfield Universities.
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 $365 million from hotel sales including approximately
$35 million in 2002.