Prime Hospitality is staying to manage the hotel for the next 20 years under a franchise agreement with Florida Capital. Prime Hospitality says the sale is part of a strategic initiative to divest its hotel real estate while maintaining franchise rights. Although details of the Dallas deal were unavailable, the plan has generated $31 million this year from asset sales and almost $250 million in the past two years.
Prime Hospitality owns and operates AmeriSuites and Wellesley Inns & Suites. The company owns, manages and franchises approximately 236 hotels nationwide. Prime Hospitality also has franchise agreements with national hotel chains including Hilton, Radisson, Sheraton, Holiday Inn and Ramada.
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