FAIRFIELD, NJ Prime Hospitality Corp. has completed the sale of its East Hartford, CT Wellesley Inn hotel, the seventh Wellesley property sold this year. The hotel will continue to be operated as a Wellesley Inn under a 20-year franchise agreement.
The sale represents Prime s 18th 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 2000, Prime has generated approximately $190 million from the sales of assets which, in addition to the seven Wellesley Inns, includes four AmeriSuites, two full-service hotels and five HomeGate hotels. Prime currently has several other assets under contract or in negotiation. (9/12/00)