Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its East
Hartford, CT Wellesley Inn hotel, the seventh Wellesley Inn sold this year.
The hotel, located at 333 Roberts St, will continue to be operated as a
Wellesley Inn under a 20-year franchise agreement.
The sale represents Prime`s 18th 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, in addition to the seven
Wellesley Inns, includes four AmeriSuites, two full-service hotels and five
HomeGate hotels. In addition, Prime currently has several other assets under
contract or in negotiation.