Press Release
May 29, 2000
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE:PDQ) has announced that it has sold two land parcels in separate
transactions for $2.5 million. The parcels are located in Las Vegas, NV and Butler, PA. The sales are part of Prime's
ongoing strategic initiative to divest real estate and utilize the proceeds to repurchase stock, retire debt and/or
invest in the growth of its brands. Prime has generated $158 million from asset sales thus far in 2000.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises
over 200 hotels throughout the United States. The Company owns and operates two proprietary brands that compete
in different segments: AmeriSuites(R) (all-suites) and Wellesley Inns & Suites(R) (limited-service). Also within
its portfolio are owned and/or managed hotels operated under franchise agreements with national hotels chains including
Hilton, Radisson, Sheraton, Crowne Plaza, Holiday Inn and Ramada.
Contact: Douglas Vicari, 973-808-7776, or Richard Szymanski, 973-808-7751, both for Prime Hospitality Corp.