FAIRFIELD, NJ- Prime Hospitality Corp. reported net income of $15.7 million, or $.34 per share, in the third quarter of 2000 compared to net income of $1.4 million, or $.03 per share, in the same period of 1999. Earnings per share before asset transactions and special charges grew by 21% to $.34 per share for the 2000 quarter versus $.28 per share in the prior years quarter.
A.F. Petrocelli, chairman/CEO of Prime said, “Our comparable REVPAR grew by 5.6% over the prior year. In addition, the 38 hotels which were converted to the Wellesley Inn & Suites brand in November 1999, continue to show impressive results with REVPAR increasing by 22.4%. During the quarter, we also took a significant step in growing our AmeriSuites brand. We acquired the leasehold interests on 27 Sumner Suites and their conversion to AmeriSuites is on target to be completed by November 1, 2000,” he said. (10/26/00)