Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of one of its
full-service hotels, the Trevose Radisson hotel in Trevose, PA to 2400 Limited
Partnership. Prime will no longer be involved in the operation of the hotel.
The sale reflects Prime`s ongoing strategic initiative to divest its hotel
real estate and reinvested the proceeds in developing its brands or improving
its balance sheet. Over the past two years, Prime has generated approximately
$260 million from hotel sales.
Prime Hospitality Corp., one of the nation`s premiere lodging companies,
owns, manages, develops and franchises 233 hotels throughout the United
States. The Company owns and operates two proprietary brands, AmeriSuites(R)
(all-suites) and Wellesley Inns & Suites(R) (limited-service). Also within
Prime`s portfolio are owned and/or managed hotels operated under franchise
agreements with national hotel chains including Hilton, Radisson, Sheraton,
Holiday Inn and Ramada. Prime can be accessed over the internet at