Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its
Atlanta/John`s Creek AmeriSuites hotel to The Lanier Group, LLC, a hotel owner
in Gainesville, GA, for $8.0 million. The hotel will be managed by The Mercer
Company and operated as an AmeriSuites under a 20 year franchise agreement.
The sale represents Prime`s eleventh AmeriSuites hotel disposition in the
past 16 months and reflects its ongoing strategic initiative to divest its
hotel real estate while maintaining franchise rights. Prime intends to
utilize the proceeds to repurchase stock, retire debt and/or invest in the
growth of its brands. Prime currently has several other asset sales under
contract or in negotiation.