Press Release: Prime Hospitality Corp.
March 1, 2001
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced yesterday it has sold a 2.3 acre undeveloped land
parcel for $5 million. The parcel, located in Pleasant Hill, CA in Contra Costa Country, was sold to Spieker Properties,
L.D., based in Walnut Creek, CA. The sale reflects Prime's ongoing strategic initiative to divest real estate and
utilize proceeds to repurchase stock, retire debt and/or invest in the growth of its proprietary AmeriSuites and
Wellesley Inn & Suites brands. Over the past 12 months, Prime has generated approximately $220 million from
asset sales.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises
nearly 240 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.
SOURCE: Prime Hospitality Corp.