Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Orlando
Wellesley Inn hotel to BAS Hospitality V, LLC, a hotel owner and management
company based in Tampa, FL. The hotel will continue to be operated as a
Wellesley Inn under a 20-year franchise agreement.
The sale represents Prime`s 17th 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
$190 million from the sales of assets which include four AmeriSuites, six
Wellesley Inn & Suites, two full-service hotels, and five HomeGate hotels. In
addition, Prime currently has several other assets under contract or in
Prime Hospitality Corp., one of the nation`s premiere lodging companies,
owns, manages, develops and franchises over 200 hotels throughout the United
States. The Company 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 hotels chains including Hilton, Radisson, Sheraton,
Holiday Inn and Ramada.