Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Ft.
Lauderdale/Plantation AmeriSuites hotel to Gainesville, GA-based Lauderdale
Partners, LLC. The hotel will continue to be operated as an AmeriSuites under
a 20-year franchise agreement.
The 128-room AmeriSuites is located at 8530 West Broward Blvd, Plantation,
FL and opened in December, 1997. It is situated within six miles of the
Broward County Arena, nine miles of the Pro Player Stadium and 12 miles from
the Florida Everglades, the Broward Convention Center and Ft. Lauderdale
The sale reflects Prime`s 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 2000, Prime has generated approximately $215
million from the sales of assets which includes five AmeriSuites, ten
Wellesley Inns, two full-service hotels and five HomeGate hotels. Prime also
has several other assets currently under contract or in negotiation.