ARLINGTON, VA—Excel Group has acquired a portfolio of three select-service hotels in Florida for $35 million.The properties include the 128-room Hyatt Place Lake Mary, the 83-room Hilton Garden Inn Oldsmar-Tampa/North and the 110-room Hampton Inn and Suites Oldsmar-Tampa/North.
The Hyatt Place was built in 2008, the Hilton Garden Inn in 2006 and the Hampton Inn and Suites 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 portfolio at a significant discount to replacement cost, according to the company. The firm plans an approximately $3-million renovation to reposition the assets, enhance market share penetration and overall portfolio 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, COO of Excel Group.