EXCEL GROUP ACQUIRES FLORIDA SELECT-SERVICE HOTEL PORTFOLIO FOR $35 MILLION
ARLINGTON, VA March 2015 — Excel Group announced today that the firm has acquired a portfolio of three select service hotels in Florida including the following properties:
- Hyatt Place Lake Mary 128 rooms
- Hilton Garden Inn Oldsmar – Tampa/North 83 rooms
- Hampton Inn and Suites Oldsmar – Tampa/North 110 rooms
All three properties are of institutional quality, and are strategically-located in the high growth and well diversified markets of Lake Mary, and Tampa/North. The properties are in good physical condition, and recently constructed – with the Hyatt Place built in 2008, the Hilton Garden Inn built in 2006, and the Hampton Inn and Suites built in 2013.
“This portfolio further marks the extension of our growth while adhering to a disciplined strategy of acquiring well located, under-performing assets at a discounted basis,” stated Shoham Amin, Managing Partner of Excel Group.
Excel Group acquired the three-property portfolio with exceptional upside potential at a significant discount to replacement cost. The firm plan an approximately $3.0 million renovation across the portfolio to reposition the assets, and enhance market share penetration and overall performance.
“We are pleased to enhance our presence in Florida via the acquisition of this portfolio of well-branded assets. We see significant upside opportunity in this investment, and look forward to working closely with our management company partners in the implementation of a strategic asset management plan designed to leverage market growth, and drive superior operating performance,” stated Romy Bhojwani, Chief Operating Officer of Excel Group.