Prime, which controls the AmeriSuites, Wellesley Inns &Suites and Prime Hotels and Resorts brands and has a number ofproperties under other brands, has a total portfolio of 256 ownedand franchised hotels, amounting to more than 33,600 rooms. Of thattotal, the company owns 112 properties with nearly 14,200 roomsoutright.
Blackstone officials say they will convert 37 of Prime-ownedWellesley Inns, built as moderate-price, extended-stay properties,to one of their own Extended Stay America brands. Company officialsalso say they will keep Prime's headquarters here.
"We are pleased with the terms of this acquisition and believeit is in the best interests of the company's shareholders,"according to Prime chairman and CEO Attilio Petrocelli.
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