Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Fishkill, NY
Wellesley Inn hotel to Fishkill Hospitality Group, LLC. The hotel will
continue to be operated as a Wellesley Inn under a 20-year franchise
agreement. This is the eighth Wellesley Inn sold this year.
The 82-room Wellesley Inn is located at 20 Schuyler Blvd and Route 9 and
opened in July, 1985. It is situated minutes from Hyde Park, the Culinary
Institute of America, the Vanderbilt Mansion and West Point Military Academy.
The sale represents Prime`s 19th 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 nearly $196 million from
the sales of assets which, in addition to the eight 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