EXCEL GROUP PURCHASES HOLIDAY INN EXPRESS IN MOUNT HOLLY, NJ
MOUNT HOLLY, NJ – October 1, 2013 — Excel Group announced today that the firm has purchased the 76-room Holiday Inn Express Mount Holly in New Jersey for $5.05 million.
The firm was able to maintain the hotel’s position on the Intercontinental Hotels Group reservation system with a pre-negotiated agreement for $1 million in capital improvements upon taking ownership. While the hotel has not been upgraded for seven years, Excel Group’s plans include a complete renovation of the property including guestrooms, lobby, meeting space, fitness room, and pool area to upgrade the hotel to current brand standards.
The firm believes there is significant immediate operational upside via strategic sales and revenue management, along with a broader repositioning opportunity via a capital infusion, which will enable the property to compete more effectively in the marketplace.