Blackstone Group to Buy Prime Hospitality
From Associated Press
Hotel-chain operator Prime Hospitality Corp. agreed to be bought by private investment firm Blackstone Group.
Fairfield, N.J.-based Prime Hospitality owns, manages and franchises 256 hotels in North America under the AmeriSuites, Wellesley Inns & Suites and Prime Hotels & Resorts brands.
Blackstone agreed to pay $12.25 a share, a 42% premium to Wednesday’s closing price of $8.63 on the NYSE. The shares soared more than 22%, or $1.92, in late trading, after the deal was announced.
The companies said the deal was worth about $790 million, including debt.
