Press Release: Prime Hospitality Corp.
January 8, 2002
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday that it has completed the sale of one
of its full-service hotels, the Trevose Radisson hotel in Trevose, PA to 2400 Limited Partnership. Prime will no
longer be involved in the operation of the hotel.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate and reinvested the proceeds
in developing its brands or improving its balance sheet. Over the past two years, Prime has generated approximately
$260 million from hotel sales.
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®
(all-suites) and Wellesley Inns & Suites® (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 www.primehospitality.com.
SOURCE: Prime Hospitality Corp.