Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its AmeriSuites
Tulsa/Hyde Park hotel to Hyde Park Hotels, Inc., a hotel owner and management
company based in Jonesboro, AR. The hotel will be operated as an AmeriSuites
under a 20-year franchise agreement.
The six-story, 128-unit hotel opened in January, 1997 and is located at
7037 S. Zurich Avenue in Tulsa, OK. It is half a mile from Warren Place and
St. Francis Hospital, and within five miles of Woodland Hills Mall, Expo
Square and Bell`s Amusement Park and Big Splash Water Park. It is also seven
miles from Philbrook Museum and 15 miles from Tulsa International Airport. It
is one of three AmeriSuites in the state.
The sale represents Prime`s 15th hotel disposition this year 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.
Since the beginning of the year, Prime has generated approximately
$165 million from the sales of assets which include four AmeriSuites, five
Wellesley Inn & Suites, the Marriott Frenchman`s Reef Resort in St. Thomas,
U.S.V.I, and five HomeGate hotels. In addition, Prime currently has several
other asset sales under contract or in negotiation.