Press Release: Prime Hospitality Corp.
January 10, 2002
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday that it has completed the sale of its
Miami Airport Wellesley Inn hotel to Miami Hospitality LLC. The hotel will continue to be operated as a Wellesley
Inn under a 20-year franchise agreement.
The 106-unit hotel is located at 8436 N.W. 36th Street in Miami, FL. and opened in June 1990. It is located across
from the Doral Golf Course and is approximately three miles from Miami International Airport.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise
rights. Over the past two years, Prime has generated approximately $265 million from hotel sales including approximately
$15 million already in 2002.
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.