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Prism Hotels & Resorts, Cambridge, Telemark Hotel Developers, and
Hotel Assets Group form Viking Hospitality Fund, LLC
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Viking Hospitality Fund to build 25-30 hotel properties,
actively seeking hotel sites nationwide

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DALLAS, 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.

About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 5,000 rooms for multiple owners in the 11 states and the Caribbean. For more information, please visit www.prismhotels.com, or contact Al Whitehouse at (214) 257-1566.

About Hotel Assets Group:
Atlanta-based Hotel Assets Group, LLC, known as “Hotel AG,” was founded by H. Keith Thompson and is a specialized hotel brokerage and investment firm. Hotel AG has alliance offices in South Florida, Baltimore/Washington, DC, Memphis, Louisville, Los Angeles and the greater Boston region.  For more information, please visit www.hotelassetsgroup.com, or contact Keith Thompson at (770) 692-1605.

About Telemark Hotel Group:
Based in Cambridge, Wisconsin, Telemark Hotel Developers, LLC specializes in the development of select- and limited-service hotel properties.  Jeff Henning, one of the three partners in Telemark is the principle of Henning Construction Company, which will serve as the General Contractor for Viking. The company has been involved with more than 50 hotel properties, including national brands such as Hilton, Choice Hotels, Intercontinental, and Best Western.  For more information, please visit www.telemarkhotelgroup.com, or contact Kjell Kaashagen at (608) 423-7717.

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Contact:

Cooper Smith, (214) 329-9191
cooper@coopersmithagency.com
 

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