Real Estate Central

DALLAS, July 1 /PRNewswire/ — 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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[Via Real Estate Newswire]