Prime Hospitality Adds Partner to Holiday Inn Venture

27th Mar 2003

FAIRFIELD, N.J., March 27 /PRNewswire-FirstCall/—Prime Hospitality Corp. (NYSE: PDQ) and United Capital Corp. (Amex: AFP) announced today that each company has sold a 10% share in the Holiday Inn Select Hotel, located in Quebec City, Quebec, Canada, to a subsidiary of Ark Investment Partners LP for an undisclosed price. Prime Hospitality Corp manages the hotel.
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.
“We continue to implement our strategy of bringing premier partners into our joint venture acquisitions,” said Douglas Vicari, Prime Hospitality`s Chief Financial Officer. “We are happy that Ark has chosen to invest with us again in this leading hotel in Quebec City.”
Prime Hospitality Corp., one of the nation`s premiere lodging companies, owns, manages, develops and franchises more than 240 hotels throughout North America. The Company owns and operates three proprietary brands, Prime Hotels & Resorts(SM) (full-service), 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 and Holiday Inn. Prime can be accessed over the Internet at .
United Capital Corp. is a real estate, manufacturing and investment company in which A.F. Petrocelli is Chairman and CEO and has a controlling ownership interest.
Ark Investment Partners LP, led by Brad Reiss, CEO, is an institutionally funded and discretionary provider of capital for the acquisition, recapitalization, and expansion needs of companies in a variety of industries. Ark can be accessed over the Internet at .



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