Press Release: Prime Hospitality Corp.
January 3, 2001
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday that it has completed the sale of its
Ft. Lauderdale/Plantation AmeriSuites hotel to Gainesville, GA-based Lauderdale Partners, LLC. The hotel will continue
to be operated as an AmeriSuites under a 20-year franchise agreement.
The 128-room AmeriSuites is located at 8530 West Broward Blvd, Plantation, FL and opened in December, 1997. It
is situated within six miles of the Broward County Arena, nine miles of the Pro Player Stadium and 12 miles from
the Florida Everglades, the Broward Convention Center and Ft. Lauderdale beaches.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise
rights. Prime intends to utilize the proceeds to repurchase stock, retire debt, and/or invest in the growth of
its brands. Since the beginning of 2000, Prime has generated approximately $215 million from the sales of assets
which includes five AmeriSuites, ten Wellesley Inns, two full-service hotels and five HomeGate hotels. Prime also
has several other assets currently under contract or in negotiation.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises
over 230 hotels throughout the United States. The Company 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 hotels chains including Hilton, Radisson, Sheraton, Holiday
Inn and Ramada. Prime can be accessed via the Internet at: http://www.primehospitality.com.
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CONTACT:
Mafalda Arena of Prime Hospitality Corp. 973-882-7685 http://www.primehospitality.com/
SOURCE: Prime Hospitality Corp.