Press Release: Prime Hospitality Corp.
August 14, 2002
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday that it has completed the sale of its
Shelton, CT AmeriSuites hotel to FCLC Shelton, LLC. The hotel will continue to be operated as a AmeriSuites under
a 20-year franchise agreement.
The 128 suite hotel is located at 695 Bridgeport Avenue, Shelton, CT and opened in 1998. It is situated near large
corporate demand generators such as General Electric and Pitney Bowes. Attractions in the area include Jai Lai
and greyhound racing. The hotel is also within close proximity to both Yale and Fairfield Universities.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise
rights. Over the past three years, Prime has generated over $365 million from hotel sales including approximately
$35 million in 2002.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises
239 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.