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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 29, 1995
PRIME HOSPITALITY CORP.
(Exact name of Registrant as specified in its charter)
COMMISSION FILE NO. 1-6869
DELAWARE 22-2640625
(State or other jurisdiction of (IRS employer
incorporation or organization) identification no.)
700 ROUTE 46 EAST, FAIRFIELD, NEW JERSEY 07004
(Address of principal executive offices) (zip code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (201) 882-1010
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Item 5. Other Events
Prime Hospitality Corp. (the "Company" or "Prime") announced that it
has retained Smith Barney Inc. to explore the sale of its 14 Wellesley Inns and
the Wellesley Inns trade name.
The Wellesley Inns chain consists of 30 limited-service hotels located
in Florida, the Middle Atlantic and the Northeast. In addition to the 14 hotels
owned by Prime, the Company operates the remaining 16 Wellesley Inns on behalf
of third-party owners. In 1994, a major hotel industry magazine ranked
Wellesley Inns as the national occupancy leader among limited-service hotels.
The Company cited plans to accelerate the growth of its AmeriSuites
all-suite hotel chain and to focus on full-service hotel acquisitions in
connection with the Wellesley Inns divesture. The Company currently owns and
operates 14 AmeriSuites and has recently announced an agreement to purchase four
additional all-suite hotels for conversion to AmeriSuites. The Company also has
under construction seven AmeriSuites and plans to break ground on approximately
another seven prior to year end. Additionally, on August 23, 1995, the Company
purchased the St. Tropez Hotel & Shopping Center in Las Vegas for $15.2 million.
The hotel consists of 149 suite rooms and a 34,000 sq. ft. shopping center.
Of the Company's 14 Wellesley Inns, ten are located in Florida, two in
New Jersey and one each in Virginia and Connecticut.
Prime Hospitality Corp. owns or manages 89 hotels throughout the United
States under its proprietary trade names Wellesley Inns(R), and AmeriSuites(R),
and under franchise agreements with national hotel chains, including Marriott,
Radisson, Sheraton, Holiday Inn, Ramada and Howard Johnson.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRIME HOSPITALITY CORP.
Date: August 28, 1995 By: /s/ DAVID A. SIMON
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David A. Simon, President and
Chief Executive Officer
Date: August 28, 1995 By: /s/ JOHN M. ELWOOD
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John M. Elwood, Executive
Vice President and Chief
Financial Officer
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