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Prime Hospitality Closes Sale of Fort Lauderdale AmeriSuites Hotel

Press Release: Prime Hospitality Corp.
September 24, 2002
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday that it has completed the sale of its Fort Lauderdale/17th Street AmeriSuites hotel to 17th Street Causeway, LLC. The hotel will continue to be operated as an AmeriSuites under a 20-year franchise agreement. Prime Hospitality will also continue to manage the hotel.

The 128-suite hotel, which opened in 1997, is located at 1851 SE Tenth Avenue in Fort Lauderdale, FL, just off 17th Street. It is located approximately two miles from Fort Lauderdale-Hollywood International Airport and the Fort Lauderdale Beach and within five miles of the Greater Fort Lauderdale Convention Center.

The sale reflects Prime's strategy of divesting its hotel real estate while maintaining franchise rights. Since January 1999, Prime has sold approximately $396 million of assets including approximately $59 million in 2002.

Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises 240 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 http://www.primehospitality.com and its brands can be accessed at http://www.amerisuites.com and http://www.wellesleyonline.com

Source: Prime Hospitality Corp.