FAIRFIELD, NJ- Prime Hospitality Corp. completed the sale of its Fishkill, NY Wellesley Inn hotel to Fishkill Hospitality Group, LLC. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement. This is the eighth Wellesley Inn sold this year. The 82-room Wellesley Inn opened in July, 1985 and is situated minutes from Hyde Park, the Vanderbilt Mansion and West Point Military Academy.The sale represents Primes 19th hotel disposition this year and reflects its ongoing strategic initiative to divest its hotel real estate whilemaintaining 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 the year, Prime has generated nearly $196 million from the sales of assets which, in addition to the eight Wellesley Inns, includes four AmeriSuites, two full-service hotels and five HomeGate hotels. (11/9/00)
