DVI Cardel Funds has a successful track record of joint venturing with large institutional investors to acquire and develop hotels in a wide variety of lodging types. In January 2006, DVI Cardel and its partners placed $50 million in equity in six hotels including two new hotels that are both currently under construction. Six months later, DVI Cardel launched Fund II which has acquired and/or developed eight hotels, including a soon-to-be-built Courtyard and Extended Stay in Flagler Station, FL. DVI Cardel Fund III was just recently launched with $100 million in equity to buy or develop hotel assets over the next two years. The goal of DVI Cardel Funds is to increase the portfolio of properties under ownership and management by Cardel and Driftwood through its relationships with private and institutional investors while delivering solid returns to its investors.