Prime Seals Deal On AmeriSuites In Fort Lauderdale

FORT LAUDERDALE— Prime Hospitality Corp. has completed the sale of its Fort Lauderdale/17th Street AmeriSuites hotel to 17th Street Causeway, LLC. The hotel will continue to be operated as an AmeriSuites under a 20-year franchise agreement. Prime Hospitality will also continue to manage the hotel. The 128-suite hotel, which opened in 1997, is located at 1851 SE Tenth Ave. in Fort Lauderdale, FL, just off 17th Street. It is located approximately two miles from Fort Lauderdale-Hollywood International Airport and the Fort Lauderdale Beach and within five miles of the Greater Fort Lauderdale Convention Center. Prime said the sale reflects its strategy of divesting its hotel real estate while maintaining franchise rights. Since January 1999, Prime has sold approximately $396 million of assets including approximately $59 million in 2002. Prime owns, manages, develops and franchises 240 hotels throughout the United States. The company owns and operates two proprietary brands, AmeriSuites, which are all-suites properties, and Wellesley Inns & Suites, which are limited-service.