Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Ramsey, NJ
Wellesley Inn hotel to Ramsey Hospitality Group, LLC, based in Matawan, NJ.
The hotel will continue to be operated as a Wellesley Inn under a 20-year
franchise agreement. This is the tenth Wellesley Inn sold this year.
The 89-room Wellesley Inn is located at 946 Route 17 North and opened in
July, 1986. It is situated 20 miles from the Meadowlands Sports Complex,
25 miles from Newark International Airport and 30 miles from New York City.
The sale represents Prime`s 21st 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 over $205 million from
the sales of assets which, in addition to the ten Wellesley Inns, includes
four AmeriSuites, two full-service hotels and five HomeGate hotels. Prime
also has several other assets currently under contract or in negotiation.