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twitterHotel owner to be acquired
Friday, Aug. 20, 2004 | 9:20 a.m.
FAIRFIELD, N.J. -- Hotel-chain operator Prime Hospitality Corp. agreed Wednesday to be bought by private investment firm The Blackstone Group.
Prime Hospitality owns, manages and franchises 256 hotels in North America under the AmeriSuites, Wellesley Inns & Suites, and Prime Hotels and Resorts brands.
In Las Vegas, the company has two nongaming properties, the AmeriSuites Las Vegas on Paradise Road, south of Harmon Avenue, and the Wellesley Inn & Suites Las Vegas on East Flamingo Road, east of Maryland Parkway.
The companies said the deal was worth about $790 million, including Prime Hospitality debt. Neither company returned calls Wednesday about how much debt Blackstone would assume.
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