Prime Hospitality Corp.
(NYSE: PDQ), a leading hotel owner, operator and franchisor, today announced
that it is reducing its second quarter earnings estimates due to the continued
weakness in the economy which has caused a reduction in business travel. The
Company estimates second quarter earnings per share before asset transactions
to be in the $.25 to $.27 range.
The Company estimates that REVPAR declined in the second quarter by
4.5% to 5.0% compared to the same period in 2000. The decline was driven by
lower occupancies with average daily room rates relatively even with the prior
The Company`s second quarter earnings release will occur before the
opening of the market on August 2, 2001. A conference call will be held at
9AM on August 2, 2001 to discuss these results.