FAIRFIELD, N.J., Sept. 23 /PRNewswire-FirstCall/—Prime Hospitality
Corp. (NYSE: PDQ) announced today that it has completed the sale of its Fort
Lauderdale/17th Street AmeriSuites hotel to 17th Street Causeway, 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 1851 SE Tenth
Avenue in Fort Lauderdale, FL, just off 17th Street. It is located
approximately two miles from Fort Lauderdale-Hollywood International Airport
and the Fort Lauderdale Beach and within five miles of the Greater Fort
Lauderdale Convention Center.
The sale reflects Prime`s strategy of divesting its hotel real estate
while maintaining franchise rights. Since January 1999, Prime has sold
approximately $396 million of assets including approximately $59 million in