Prime Hospitality Corp. Stockholders Approve Merger With an Affiliate of The Blackstone Group

Prime Hospitality Corp. Stockholders Approve Merger With an
Affiliate of The Blackstone Group 


FAIRFIELD, N.J., Oct. 6  /PRNewswire-FirstCall/ -- 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. 

DATASOURCE: Prime Hospitality Corp.



CONTACT:  Richard T. Szymanski, Chief Financial Officer of Prime

Hospitality Corp., [phone], ; or John Ford, VP

Corporate Communications of The Blackstone Group, [phone],

 



Web site:  http://www.primehospitality.com/

http://www.blackstone.com/ 



Company News On-Call:  http://www.prnewswire.com/comp/133400.html

http://www.prnewswire.com/comp/155593.html

http://www.prnewswire.com/comp/130238.html 

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