Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its West Palm
Beach Wellesley Inn hotel to Palm Beach Hospitality LLC. The hotel will
continue to be operated as a Wellesley Inn under a 20-year franchise
The 106-unit hotel is located at 1910 Palm Beach Lakes Blvd. in West Palm
Beach, FL. and opened in August 1989. It is located off I-95, three miles
from Palm Beach International Airport and five miles from the beach area.
The sale reflects Prime`s ongoing strategic initiative to divest its hotel
real estate while maintaining franchise rights. Over the past two years,
Prime has generated approximately $250 million from hotel sales including
approximately $34 million in 2001 from the sales of four Wellesley Inns and