FAIRFIELD, NJ— Prime Hospitality Corp. has completed the sale of its West Palm Beach Wellesley Inn to Palm Beach Hospitality LLC. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement. The 106-unit hotel is located off I-95 in West Palm Beach, FL, three miles from Palm Beach International Airport and five miles from the beach area. It opened in August 1989. The sale reflects Primes ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights. Over the past two years, Prime has generated approximately $250 million from hotel sales including approximately $34 million in 2001 from the sales of four Wellesley Inns and one AmeriSuites.
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