Joint venture will build Hilton and Marriott

Prism Hotels & Resorts,
Cambridge, Telemark Hotel Developers, and Hotel Assets Group have formed Viking Hospitality Fund, 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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