FAIRFIELD, NJ Prime Hospitality Corp. sold the Wellesley Inn in Fairfax, VA to Elite Hotels, LLC, based in Annandale, VA. The property will continue to be operated as a Wellesley Inn under a 20-year franchise agreement.
The 82-room hotel is located at 10327 Lee Highway, near the AT&T, Mobil and Verizon corporate offices.
The sale reflects Primes 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 14 months, Prime has generated approximately $225 million from asset sales. (4/9/01)