Prism, Telemark and Hotel Assets form Viking Hospitality Fund
Viking Hospitality Fund to build 25-30 hotel properties, actively seeking hotel sites nationwide
DALLAS, TX, September 25, 2007. 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
