Sale price of the recently renovated 238-room hotel has not been disclosed. The 18-story property, which was purchased in a 50/50 partnership, is located in the Saint-Roch District of Old Quebec City. Over the last decade, the area has seen more than $195 million in investments.

"This acquisition provides our company with an excellent hotel in a unique market, resulting in a strong return on our investment," states A.F. Petrocelli, chairman and CEO of Prime Hospitality Corp. "Quebec City has benefited, and will continue to benefit, from a substantial revitalization program in the Saint-Roch district, which, along with significant renovations made to the hotel property, create a distinct opportunity for us."