|FAIRFIELD, N.J., Aug. 19, 1998 - Prime Hospitality
Corp. (NYSE: PDQ) today announced the promotion of John Elwood to President
and Chief Operating Officer (COO). Previously, Mr. Elwood served as Executive
Vice President and Chief Financial Officer. In other related management
changes, the company announced the promotions of Douglas Vicari to Senior
Vice President and Chief Financial Officer, and Ethan Kramer to Senior
Vice President, Development.
"These internal promotions reflect the depth and stability of our management team," noted Prime's Chairman and CEO David A. Simon. "As a result of their leadership and talent, John, Doug and Ethan have each contributed significantly to building the company into a prominent force in the lodging industry. I am confident that their new roles will allow us to work together closely to ensure Prime's future success."
John Elwood joined the company's predecessor in 1990 as Director of Reorganization, where he was responsible for directing the restructuring of the company's operations and finances. Upon the completion of Prime's reorganization in July, 1992, Mr. Elwood assumed responsibility for finance, construction and purchasing and joined the company's Board of Directors as Executive Vice President, Director of Administration and Finance. He was promoted to CFO in August, 1993.
In assuming his new role, Mr. Elwood affirmed his commitment to Prime's strategy of brand and franchise development, coupled with its diminished reliance upon hotel real estate. "Our vision for Prime is unchanged," stated Elwood. "We will continue to grow AmeriSuites, HomeGate and Wellesley Inns through our previously announced strategy of aggressive franchising and focused corporate development. Real estate holdings will become less of a factor for us, while franchising and property management will become increasingly important.
"We recognize that the lodging industry is undergoing uncertain times," continued Elwood. "However, we are well capitalized, with quality brands, strong operating management and little reliance on external capital. With these elements in place, we are confident in our ability to execute these plans and create lasting value for our shareholders. I look forward to working with David Simon and our management team on the challenges ahead."
Douglas Vicari joined Prime in 1986 and has served as Vice President, Treasurer since 1992. He was an instrumental member of the management team that led the company's restructuring in the early 1990's, and has been responsible for budgeting and planning, cash management, credit and collection, internal auditing, financial analysis, and investor relations. As CFO, Mr. Vicari will oversee all financial operations, including treasury services, taxation, risk management, accounting and budget and analysis. Prior to his tenure at Prime, Mr. Vicari held several management positions at Combustion Engineering in Stamford, CT.
Ethan Kramer joined Prime in 1995 as Director of Real Estate, and was promoted to Vice President of Development in 1996. In his new role, Mr. Kramer will be responsible for overseeing all development and construction for Prime's AmeriSuites, HomeGate and Wellesley Inn brands. Mr. Kramer previously served as Senior Vice President of Atterbury Associates where he was responsible for the hotel appraisal and consulting group. He began his career in the hotel industry with Laventhol Horwath.
Prime Hospitality Corp. is a hotel owner, manager, developer and/or
franchisor of 163 hotels throughout the United States and the U.S. Virgin
Islands. The company owns and operates three proprietary brands: AmeriSuites(R)
(all-suites), Wellesley Inns(R) (limited service) and HomeGate Studios
and Suites(R) (extended stay). Also within its portfolio are owned and/or
managed hotels operated under franchise agreements with national hotel
||Equity Inns Completes Acquisition of Nine AmeriSuites / June 1998|
|Prime Hospitality to Expand Homegate Product Line; Divest Non-Prototype Properties / July 1998|