Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has completed the sale of its Miami
Airport Wellesley Inn hotel to Miami Hospitality LLC. The hotel will continue
to be operated as a Wellesley Inn under a 20-year franchise agreement.
The 106-unit hotel is located at 8436 N.W. 36th Street in Miami, FL. and
opened in June 1990. It is located across from the Doral Golf Course and is
approximately three miles from Miami International Airport.
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 $265 million from hotel sales including
approximately $15 million already in 2002.
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