FAIRFIELD, N.J. --
The Blackstone Group, a private investment firm that owns the
Extended Stay America hotel brand, signed an agreement to acquire
for $790 million the Prime Hospitality Group, which encompasses
AmeriSuites, Wellesley Inns & Suites and Prime Hotels and
Resorts.
The Prime
Hospitality Group operates and franchises 256 hotels, or about
33,605 rooms, including 112 properties it owns. The Blackstone
Group said it intends to convert 37 Wellesley Inns & Suites,
Primes extend-stay brand, into Extended Stay America hotels. The 37
hotels are owned by Prime.
Blackstone, which
has offices in New York; London; and Hamburg, Germany, said it
plans to maintain the Prime Hospitality Group headquarters
operations in Fairfield, N.J.
To contact
the reporter who wrote this article, send e-mail to Michael
Milligan at [email protected].