Press Release: Prime Hospitality Corp.
June 4, 2001
FAIRFIELD, NJ -- Prime Hospitality Corp. (NYSE: PDQ) announced June 1 that it has completed the sale of its Buffalo,
NY Wellesley Inn hotel to Batavia, NY-based Norstar, LLC. The hotel will continue to be operated as a Wellesley
Inn under a 20-year franchise agreement.
The 82-unit hotel is located at 4630 Genesee St in Buffalo, NY and opened in July, 1984. It is situated within
one half mile of Buffalo/Niagara International Airport, ten miles from the Buffalo Zoo and Museum of Science, 15
miles of Six Flags/Darien Lake and Ralph Wilson Stadium, and 20 miles from Niagara Falls.
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 $222 million from the sales of assets
which includes eleven Wellesley Inns, five AmeriSuites, 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
approximately 235 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.