Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Fort
Lauderdale/West Wellesley Inn hotel to Sunrise Hotel Management, LLC. The
hotel will continue to be operated as a Wellesley Inn under a 20-year
The 100-unit hotel is located at 5070 N. State Road 7 in Fort Lauderdale,
FL and opened in July 1987. It is located approximately three and one half
miles from I-95, seven miles from the Fort Lauderdale beaches and ten miles
from Fort Lauderdale International Airport.
The sale reflects Prime`s ongoing strategic initiative to divest its hotel
real estate while maintaining franchise rights. Prime has now sold three
Wellesley Inns this year and twelve Wellesley Inns in the past 18 months.
Since the beginning of 2000, Prime has generated approximately $230 million
from the sales of its AmeriSuites, Wellesley Inns and full-service hotels.
Prime also has several other assets currently under contract or in