FAIRFIELD, NJ Prime Hospitality Corp. sold a 2.3-acre parcel of undeveloped land for $5 million. The parcel, located in Pleasant Hill, CA, was sold to Spieker Properties, L.D., based in Walnut Creek, CA. 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 year, Prime has generated approximately $220 million from asset sales. (2/28/01)
Previous ArticleIncreased Holiday Travel Expected By AAA
Next Article Amerihost Schedules Year-End Conference Call