FAIRFIELD, N.J., Oct 6, 2004 /PRNewswire-FirstCall via COMTEX/ – Prime Hospitality Corp. (NYSE: PDQ) (the "Company") today announced that its stockholders, voting at a special meeting held in Fairfield, New Jersey this morning, have adopted the Agreement and Plan of Merger among the Company and affiliates of The Blackstone Group. Approximately 99.9% of stockholders present and voting adopted the merger agreement, representing approximately 65.4% of the total number of outstanding shares entitled to vote.
The proposed merger was announced on August 18, 2004 and is expected to close on October 8, 2004, pending the satisfaction or waiver of all of the conditions set forth in the merger agreement. Under the terms of the merger agreement, the Company's stockholders will receive $12.25 per share in cash, without interest.
About Prime Hospitality Corp.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises more than 250 hotels throughout North America. The Company owns and operates three proprietary brands, AmeriSuites(R) (all suites), PRIME Hotels & Resorts(R) (full-service) and Wellesley Inns & Suites(R) (limited service). Also within Prime's portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Sheraton, Hampton, and Holiday Inn. Prime can be accessed over the Internet at http://www.primehospitality.com
About The Blackstone Group
The Blackstone Group, a private investment firm with offices in New York, London and Hamburg, was founded in 1985. Blackstone's Real Estate Group has raised five funds, representing over $6 billion in total equity, and has a long track record of investing in hotels and other commercial properties. In addition to Real Estate, The Blackstone Group's core businesses include, Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Mergers and Acquisitions Advisory, and Restructuring and Reorganization Advisory. The Blackstone Group can be accessed on the Internet at http://china.blackstone.com
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-lookmng statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Prime Hospitality Corp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forwardlooking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.