Corp. (NYSE: PDQ) announced today that it has completed the sale of its
Chicago/Vernon Hills AmeriSuites hotel to FCLC Vernon Hills, LLC. The hotel
will continue to be operated as an AmeriSuites under a 20-year franchise
agreement. Prime Hospitality will also continue to manage the hotel.
The 128-suite hotel, which opened in 1997, is located at 450 N. Milwaukee
Avenue in Vernon Hills, IL, just off Route 21 in suburban Chicago. It is
situated near large corporate demand generators such as Allstate and Tenneco.
Attractions in the area include the Six Flags Amusement Park and the Gurnee
Mills Outlet Shopping Center.
The sale reflects Prime`s ongoing strategic initiative to divest its hotel
real estate while maintaining franchise rights. Since January 1999, Prime has
sold approximately $385 million of assets including approximately $48 million
Prime Hospitality Corp., one of the nation`s premiere lodging companies,
owns, manages, develops and franchises 240 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 and http://www.wellesleyonline.com.