Prime Hospitality Corp. (NYSE: PDQ) announced today that it has completed the
sale of its Buffalo, NY Wellesley Inn hotel to Batavia, NY-based Norstar, LLC.
The hotel will continue to be operated as a Wellesley Inn under a 20-year
The 82-unit hotel is located at 4630 Genesee St in Buffalo, NY and opened
in July, 1984. It is situated within one half mile of Buffalo/Niagara
International Airport, ten miles from the Buffalo Zoo and Museum of Science,
15 miles of Six Flags/Darien Lake and Ralph Wilson Stadium, and 20 miles from
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 $222
million from the sales of assets which includes eleven Wellesley Inns, five
AmeriSuites, two full-service hotels and five HomeGate hotels. Prime also has
several other assets currently under contract or in negotiation.