January 30, 2004 - Prime Hospitality Corp. , today announced that effective January 26, 2004, Prime has assumed management of The Shoreham hotel in New York City. The Property was recently acquired by an affiliate of Ark Investment Partners LP and will continue to carry The Shoreham name. The Shoreham Hotel is located at 33 West 55th Street (off 5th Avenue). The 10 story hotel features 174 guest rooms with a significant retail component. Renovated in 1999, this style-conscious boutique hotel is modern, sleek and cozy. The Shoreham hotel is situated in the heart of it all, convenient to New York's famous Fifth Avenue shopping, Rockefeller Center, Broadway, Central Park and the Museum of Modern Art. The Shoreham

Shoreham Hotel 33 West 55th Street New York City, NY

Ark Investment Partners LP is an institutionally funded and discretionary provider of capital for the acquisition, recapitalization, and expansion needs of companies in a variety of industries. Ark can be accessed over the Internet at http://www.arkfinance.com

Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises more than 260 hotels throughout North America. The Company owns and operates three proprietary brands, AmeriSuites(R) (all-suites), Prime Hotels & Resorts(SM) (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, Radisson, Sheraton and Holiday Inn.