FAIRFIELD, N.J., Jan. 13 /PRNewswire-FirstCall/—Prime Hospitality Corp. (NYSE: PDQ) and United Capital (Amex: AFP) today announced completion of their 50/50 joint purchase of the full-service Holiday Inn Select Hotel, located in Quebec City, Quebec, Canada, for an undisclosed selling price. The property will be managed by Prime Hospitality Corp.
The 238-room hotel, which was built in 1975, has recently benefited from significant renovations focused on guestrooms, the front lobby and common areas. The 18-story hotel is located in Old Quebec City`s Saint-Roch District, which has been the subject of over $330 million (CDN) of investment since 1992 as the City continues its major urban renewal initiatives.
“This acquisition provides our company with an excellent hotel in a unique market, resulting in a strong return on our investment,” stated A.F. Petrocelli, Chairman and CEO of Prime Hospitality Corp. “Quebec City has benefited, and will continue to benefit, from a substantial revitalization program in the Saint-Roch district which, along with significant renovations made to the hotel property, create a distinct opportunity for us.”
Hotel amenities include 8,400 square feet of meeting/banquet space; three limited-access executive floors featuring king-size accommodations, panoramic views of the St. Lawrence River, marble appointments and complimentary drinks; the 110-seat l`Eminence restaurant offering fine French cuisine; lounge; Aqua-Forme Center including an indoor pool, dry sauna and state-of-the-art fitness equipment; and underground parking.
More than six million tourists visit Quebec City each year. The historic district—Old Quebec City offers numerous restaurants, entertainment venues, museums and shopping boutiques within walking distance of the Holiday Inn Select. Area attractions include Convention Centre, the Museum of Civilization, Montmorency Falls Park, Battlefields Park, The Capitole Theatre, Mt. Saint Anne and Bois-de-Coulonge Park.
Prime Hospitality Corp.(R), one of the nation`s premiere lodging companies, owns, manages, develops and franchises more than 240 hotels throughout the United States. Prime Hospitality owns and operates two proprietary brands, AmeriSuites(R) (all-suites) and Wellesley Inns & Suites(R) (limited-service). Also within Prime Hospitality`s portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Radisson, Sheraton, Holiday Inn and Ramada. United Capital Corp. is a real estate, manufacturing and investment company in which A.F. Petrocelli is chairman and chief executive officer and has a controlling ownership interest.