Excel Group

Copy of Case Studies

Tampa & Orlando Portfolio

Tampa & Orlando, FL
4 Hotels | 469 Rooms


28.3% 

Levered IRR

1.74X

Equity Multiple

18.9%

RevPAR Growth

63.1%

NOI Growth


Value-Add Portfolio Assemblage

Aggregated institutional-grade hotel portfolio through three complex off-market transactions, selling to leading institutional buyer at significant premium to basis


March 2015
2.4 Years
Hilton Garden Inn (2), Hampton Inn (1), Hyatt Place (1)
Realized
Off-Market
Owner-Operator (3)
REIT/Institutional Buyer

Investment Date
Hold Period

Hotel Brands
Deal Status

Sourcing
Seller Type
Exit Buyer Type

Limited Buyer Pool

Deal could not be executed by institutional buyer due to deal complexity and unsophisticated ownership. 

Astute Market Selection

Selected Tampa as target market recognizing market's growth potential before institutional investors. 

Strategic Renovation

Executed strategic renovations to maximize operating performance and reaffirm market leader positioning. 


Sarasota Airport Portfolio

Sarasota, FL
3 Hotels | 469 Rooms

58.0% 

Levered IRR

3.97X

Equity Multiple

38.7% 

RevPAR Growth

75.2%

NOI Growth



VALUE-ADD PORTFOLIO ASSEMBLAGE

Executed multi-pronged investment strategy, including portfolio aggregation and new development, to deliver outsized returns.

Investment Date
Hold Period
Hotel Brands
Deal Status
Sourcing
Seller Type

October 2013
5 Years
Hilton Garden Inn, Hampton Inn, Home2Suites
Realized
Off-Market
Institutional


Savvy Negotiation

Acquired off market at $1M discount to prior contract with buyer who could not execute

Accretive Financing 

Refinanced hotels in under two years, pulling out 100% of equity

DEvelopment Optionality 

Developed new hotel on adjacent parcel in high barrier-to-entry market at zero land basis


 

Hilton Garden Inn Fort Myers

Fort myers, FL
126 Rooms


46.0% 

Levered IRR

4.33X

Equity Multiple

83.0%

RevPAR Growth

415%

NOI Growth


Value-Add Single Transaction

Transformed REO Auction Property into top performing asset achieving significant returns through sophisticated asset management and strategic financing


Investment Date
Hold Period
Brand
Deal Status
Sourcing
Seller Type

 

May 2013
5 Years
Hilton Garden Inn
Current
Off-Market
Special Servicer/REO

REO Auction

Excel conducted extensive due diligence prior to auction to fully identify value and be awarded deal

Accretive financing

Refinanced hotel in under 2 years, pulling out 100% of equity

Aggressive asset management

Increased corporate business and lowered OTA reliance; executed $2.85M renovation to drive rate


 

Courtyard MacArthur Airport

Ronkonkoma, NY
154 Rooms


26.8% 

Levered IRR

2.59X

Equity Multiple

10.1%

RevPAR Growth

40.5% 

NOI Growth


Value-Add Single Transaction

Acquired under-performing asset in high barrier market, Maximizing value through strong asset management and separation of investment into individual parts


Investment Date
Hold Period
Brand
Deal Status
Sourcing
Seller Type

 

December 2015
5 Years
Courtyard by Marriott
Current
Off-Market
Owner-Operator

Reo Auction 

Excel conducted extensive due diligence prior to auction to fully identify value and be awarded deal

Unlocking Value

Purchased all assets at hotel cap rate – $6.6M in value creation; refinanced hotel for $26M with 300bps interest rate decrease; developed new 124-key hotel in high barrier market

Strategic Asset Management

Implemented leaner staffing model, active revenue management and executed $1.5M renovation


 

Holiday Inn Express Jacksonville

Jacksonville, FL
80 rOOMS


53.8%

Levered IRR

9.49X 

Equity Multiple

95.3%

RevPAR Growth

205.3%

NOI Growth


Opportunistic Debt Play 

Acquired asset through purchase of non-performing loan at 77% discount to replacement cost


Investment Date
Hold Period
Deal Status
Sourcing
Seller Type
Exit Buyer Type

August 2011
6 Years
Realized
Off-Market
Bank
Regional Owner-Operator

Legal Strategy

Negotiated acquisition of asset complicated by Chapter 11 bankruptcy with liens of $4.5M+ for purchase price of just $23k per key.

Asset Turnaround 

Rightsized expenses, instituted lean staffing model and implemented proactive revenue management to drive performance.

Completed $1.5M renovation to retain Holiday Inn Express flag.