FAIRFIELD, N.J., Feb. /PRNewswire-FirstCall/—Prime Hospitality Corp. (NYSE: PDQ), announced today that their AmeriSuites and Wellesley Inns & Suites brands were both recognized for offering one of the best new franchise opportunities available in the United States. Prime, a leading hotel owner, operator and franchiser, today noted that its AmeriSuites brand ranked #15 and its Wellesley Inns & Suites brand ranked #19 of the top new franchises 2003, which is part of Entrepreneur Magazine`s 24th Annual Franchise 500 list.
The most important factors that Entrepreneur Magazine considered in the ranking include financial strength and stability, growth rate and size of the system. Number of years in the business, length of time franchising, start-up costs, litigation, percentage of terminations and whether the company provides financing were also considered. Companies considered for the Top New Franchise 2003 Rankings have begun franchising since 1998.
“It is exciting and gratifying to see both AmeriSuites and Wellesley included in the top 20 of Entrepreneur Magazine`s Franchise list of new franchises 2003 rankings,” said Jeffrey T. Williams, Senior Vice President of franchise sales and development for Prime. “It shows that solid results may be achieved through hard work, focus and teamwork and reflects the growing recognition of our company`s outstanding well positioned brands.”
Prime Hospitality Corp.(R), one of the nation`s premiere lodging companies, owns, manages, develops and franchises over 240 hotels throughout the United States. Prime Hospitality owns and operates three proprietary brands, Prime Hotels and Resorts(SM) (full-service), 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. Prime can be accessed over the internet at http://www.primehospitality.com and its brands can be accessed at http://www.amerisuites.com and http://www.wellesleyonline.com
Statements in this press release, other than statements of historical information, may constitute forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe”, “anticipate”, “project”, “expect”, “intends”, “may result”, “will continue”, and words of similar impact identify forward-looking statements. Forward-looking statements involve known and unknown risks, which may cause the Company`s actual results in future periods to differ materially from expected results. These risks include but are not limited to changes in economic conditions, supply and demand changes for hotel rooms, competition within the lodging industry, relationships with owners, franchisees and suppliers, the impact of government regulations, the availability of capital, the ability to attract and retain personnel and the impact of emerging technologies. Prime undertakes no obligation to update the information set forth herein. For further information regarding forward-looking statements and to some of the factors and uncertainties affecting us, please refer to the Company`s filings with the Securities and Exchange Commission (SEC) copies of which are available from the SEC or may be obtained upon request from the Company.
——-