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Article: The Blackstone Group to Acquire Prime Hospitality Corp.
- Article from:
- PR Newswire
- Article date:
- August 18, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Prime Hospitality Corp. announced today that it had signed a definitive agreement to be acquired by affiliates of The Blackstone Group for $12.25 per share, a 42% premium to the closing price on August 18th. The total value of the transaction, including debt, is over $790 million. Prime Hospitality Corp. (Prime) controls three hotel brands -- AmeriSuites, Wellesley Inns & Suites and Prime Hotels and Resorts -- operating and franchising 256 hotels with 33,605 rooms. Of these hotels, it owns 112 comprising 14,183 rooms.
The Board of Directors of Prime approved the agreement in a special meeting today. The transaction is subject to shareholder approval and other ...