FAIRFIELD, NJ Prime Hospitality Corp. completed the sale of its Ft. Myers Wellesley Inn hotel to Apex Hospitality LLP. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement. This is the ninth Wellesley Inn sold this year. The 105-room Wellesley Inn opened in February 1990 and is located four miles from the Ft. Myers Convention Center. The sale represents Primes 20th hotel disposition this year and reflects its 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 the year, Prime has generated approximately $200 million from the sales of its assets. (12/13/00)
Previous ArticleJanuary USFS Conference Goes On Road
Next Article Hotel Design Firm Sold