The sale is part of Prime's ongoing strategy to sell off its real estate and use the proceeds to repurchase stock, retire debt and invest in the growth of its proprietary AmeriSuites and Wellesley Inn & Suites brands. According to the company, over the past 14 months it has generated $225 million from asset sales.
Prime Hospitality owns, manages, develops and franchises nearly 240 hotels throughout the country. In addition to its proprietary brands, the company's portfolio includes owned or managed hotels operated under franchise agreements with national hotels chains including Hilton, Radisson, Sheraton, Holiday Inn and Ramada.
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