Prime Hospitality Corp.
(NYSE: PDQ) has announced it has sold the Princeton Holiday Inn to Remington
Hotel Corporation, a Dallas, TX- based hotel ownership and management company
for $18.2 million.
The sale represents Prime`s 16th 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 proprietary
brands. Since the beginning of the year, Prime has generated approximately
$185 million from asset sales which include four AmeriSuites, five Wellesley
Inn & Suites, two full-service hotels, and five HomeGate hotels. In addition,
Prime currently has several other asset sales under contract or in