Exhibit 99.1
FOR IMMEDIATE RELEASE
PRIME HOSPITALITY CORP. STOCKHOLDERS APPROVE MERGER WITH
AN AFFILIATE OF THE BLACKSTONE GROUP
Fairfield, New Jersey - October 6, 2004 - 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://www.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-looking 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.
CONTACTS:
Richard T. Szymanski
Chief Financial Officer
Prime Hospitality Corp.
Tel: (973) 882-1010
rts@primehospitality.com
John Ford
VP Corporate Communications
The Blackstone Group
Tel: 212 583-5559
ford@blackstone.com
