FAIRFIELD, N.J., Aug. 13 /PRNewswire-FirstCall/ — Prime Hospitality Corp. (NYSE:PDQ) announced today that it has completed the sale of its Shelton, CT AmeriSuites hotel to FCLC Shelton, LLC. The hotel will continue to be operated as a AmeriSuites under a 20-year franchise agreement.
The 128 suite hotel is located at 695 Bridgeport Avenue, Shelton, CT and opened in 1998. It is situated near large corporate demand generators such as General Electric and Pitney Bowes. Attractions in the area include Jai Lai and greyhound racing. The hotel is also within close proximity to both Yale and Fairfield Universities.
The sale reflects Prime's ongoing strategic initiative to divest its hotel real estate while maintaining franchise rights. Over the past three years, Prime has generated over $365 million from hotel sales including approximately $35 million in 2002.