Hotel Firm Sells Off Stake: Prime Motor...
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From Times Staff and Wire Service Reports
Hotel Firm Sells Off Stake: Prime Motor Inns Inc., which has stumbled in its aggressive growth, said it will sell about 65% of its Howard Johnson and Ramada franchise systems to Blackstone Capital Partners LP in exchange for a $140-million cash injection. Prime, the nation’s second-largest lodging franchiser, owns or manages about 140 hotels and motor inns as well as the 450-lodge Howard Johnson franchise system.
