Viking Hospitality Fund to build 25-30 hotel properties, actively seeking hotel sites nationwide
Dallas-based Prism Hotels & Resorts, Cambridge, Wisconsin-based Telemark Hotel Developers, and Atlanta-based Hotel Assets Group ("Hotel AG") have formed Viking Hospitality Fund, LLC, a joint venture to build new select- and limited-service hotel properties across the United States under the Hilton and Marriott brands. Viking Hospitality Fund will target all U.S. markets with plans to construct as many as 30 new hotels over the next three years at a rate of 8-10 each year.
"We're very excited to be part of this powerful joint venture. With Telemark's knowledge of the select- and limited-service segment, Hotel AG's hotel real estate brokerage experience and Prism's extensive history in successfully managing properties nationwide, each company offers specialized hotel-industry experience that complements the others," said Steve Van, chief executive officer of Prism Hotels & Resorts.
Hotel AG will broker the real estate transactions, Telemark will develop the properties, and Prism Hotels & Resorts, which currently manages more than 5,000 rooms in the United States and the Caribbean, will manage the properties once completed.
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