Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Ft. Myers
Wellesley Inn hotel to Apex Hospitality LLP. The hotel will continue to be
operated as a Wellesley Inn under a 20-year franchise agreement. This is the
ninth Wellesley Inn sold this year.
The 105-room Wellesley Inn is located at 4400 Ford St. and opened in
February, 1990. It is situated four miles from downtown Ft. Myers, the
Convention Center and within ten miles of the Civic Center.
The sale represents Prime`s 20th 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
$200 million from the sales of assets which, in addition to the nine 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.