Prime To Sell Frenchman?s Reef Resort

FAIRFIELD, NJ? Prime Hospitality Corp. has announced an agreement to sell the Frenchman?s Reef Resort Hotel to Marriott International. Terms of the deal were not disclosed but conditions of the agreement must be satisfied by mid-January to close at which time, Marriott will operate the property. The hotel, located in St. Thomas U.S. Virgin Islands, is a 504-room resort with 408 rooms located in the main eight-story building and the remaining 96 at the adjacent Morningstar Beach Resort. Reducing RE Holdings Since 1984 the resort has been operated by Prime which is selling the property as a part of its strategy to reduce real estate holdings and focus its resources on the growth of its proprietary AmeriSuites and Wellesley Inn & Suites brands. Prime is an owner, manager and franchisor of over 200 hotels throughout the United States. It operates the AmeriSuites, Home-Gate Studios & Suites and Wellesley Inn & Suites brands. Effective Nov. w1, the Wellesley and HomeGate chains will merge into the new Wellesley Inn & Suites chain. Owned or managed hotels operating under franchise agreements within Prime?s portfolio include Hilton, Sheraton, Radisson, Holiday Inn, Ramada, Country Inns and Howard Johnson.

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