VIKING HOSPITALITY FUND DEVELOPING NEW
HAMPTON INN & SUITES IN ROCHESTER, MINNESOTA
DALLAS, July 1, 2008 – Viking
Hospitality Fund has announced the development of a new 124-room
Hampton Inn and Suites in Rochester, Minnesota. The property is the
second for Viking Hospitality Fund, which was formed in September
2007 by Dallas-based Prism Hotels & Resorts, Des Moines, Iowa-based
SeaCys Holdings, LLC, and Atlanta-based Hotel Assets Group (“Hotel
AG”) as a joint venture to build new select- and limited- service
hotel properties nationwide under the Hilton and Marriott brands.
The hotel will be located on 2.3 acres
on the southeast corner of 59th Street and Bandel Road
NW, near the Mayo Clinic in Rochester, Minn. Once completed in
mid-2009, it will be managed by Prism Hotels & Resorts. The new
Hampton Inn & Suites will operate as a franchisee of Hampton Inns
Franchise LLC, a member of the Hilton Hotels family of brands, and
will appeal to business travelers and visitors of the nearby medical
center.
“The Rochester Hampton Inn & Suites is
the second hotel development we’ve closed on in the past month,
which we are particularly excited about considering the challenging
economic conditions our country is facing,” said Al Whitehouse,
senior vice president of acquisitions at Prism Hotels & Resorts.
“We have several more Hilton and Marriott brand hotels planned for
2008 and 2009, so the outlook is bright.”
Viking Hospitality Fund is actively
seeking additional sites for development throughout the country and
plan to construct as many as 30 new hotels nationwide over the next
three years at a rate of 8-10 each year.
ABOUT VIKING HOSPITALITY FUND
Viking Hospitality Fund is a joint
venture that builds new select and limited-service hotel properties
across the United States under the Hilton and Marriott brands.
Viking Hospitality Fund consists of Hotel AG as the broker of the
real estate transactions; SeaCys Holdings, LLC as the developer of
the properties; and Prism Hotels & Resorts, which currently manages
more than 5,000 rooms in the United States, as the manager of the
properties once they’re completed.
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