Prime Closes Sale of Wellesley Inn

FAIRFIELD, N.J., May 30 /PRNewswire-FirstCall/—Prime Hospitality Corp. (NYSE: PDQ) announced today that it has completed the sale of its Miami-Kendall Wellesley Inn hotel to Navnet Patel. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement and will be managed by Mr. Patel. The sale reflects Prime`s ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights.
The Wellesley Inn Miami-Kendall is located at 11750 Mills Drive in Miami and opened in 1987. The property features 103 rooms, including 3 suites. Located approximately 16 miles from Miami International Airport, area attractions include Town & Country Mall, Florida International University, Parrot Jungle, Metro Zoo, and Coconut Grove, University of Miami, and major office complexes.
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 http://www.primehospitality.com and its brands can be accessed at http://www.amersuites.com, http://www.primehotelsandresorts.com, and http://www.wellesleyonline.com.
SOURCE Prime Hospitality Corp.
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