| FAIRFIELD, N.J., Sept. 15, 1999 - Prime Hospitality Corp.
(NYSE: PDQ) announced today that it has entered into an agreement to sell
its Frenchman’s Reef Marriott Resort Hotel located in St. Thomas U.S.V.I.
to Marriott International, Inc. (NYSE: MAR). The closing of the transaction
is subject to certain conditions which are required to be satisfied within
the next 120 days.
Marriott International will operate the property upon closing.
The Frenchman’s Reef Marriott Hotel is a 504-room resort hotel which
consists of a 408-room eight-story building and 96 rooms in the adjacent
Morningstar Beach Resort. The hotel has been operated by Prime since 1984.
The proposed sale is part of Prime’s ongoing strategy to reduce its real
estate holdings and focus its resources on the growth of its proprietary
AmeriSuites and Wellesley Inn Suites brands.
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Marriott Frenchman's Reef Beach Resort is situated on
a 17-acre bluff overlooking the Caribbean Sea at Morning Star Beach and
the capital of the U.S. Virgin Islands, Charlotte Amalie. Opening
its doors in 1973, The Reef has always been a leader in the Caribbean hotel
industry. This full service resort completed a $52 million redesign
and renovation in December 1997. |
Prime Hospitality Corp., one of the nation’s premiere lodging companies,
is an owner, manager and franchisor of over 200 hotels throughout the United
States. The Company operates three proprietary brands, AmeriSuites®
(all-suites), HomeGate Studios Suites® (extended-stay) and Wellesley
Inns® (limited service). The Company previously announced that effective
November 1, 1999, it will merge its Wellesley and HomeGate chains into
the new Wellesley Inn Suites® chain. Also within Prime’s portfolio
are owned and/or managed hotels operated under franchise agreements with
national chains including Hilton, Sheraton, Radisson, Holiday Inn, Ramada,
Country Inns and Howard Johnson. |
