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Syracuse, NY & Arlington,
VA – November 2024 / NewsmakerAlert /
Excel
Group, an Arlington, Virginia-based private equity firm that owns,
develops, and invests in hotels throughout the United States, announces
that it has acquired the Embassy
Suites by Hilton Syracuse Destiny USA. The 209-guestroom hotel in Syracuse,
New York is the most recently developed hotel in the greater Syracuse market
and is only hotel located adjacent to Destiny USA, one of the ten largest
shopping and entertainment centers in the United States.
Opened
in 2017, the Embassy Suites by Hilton Syracuse Destiny USA is strategically
located in an area with increasing demand for hotel space stemming from
shopping, travel hubs, Syracuse University, and healthcare institutions,
including Upstate University Hospital and St. Joseph’s Health Hospital,
as well as the area’s robust development pipeline. In particular, the hotel
is several miles from the site of Micron Technologies’ planned $100 billion
chip complex, which will begin construction in 2025 and is expected to
generate 50,000 direct and indirect jobs, and the JMA Wireless Dome, the
largest domed stadium in the Northeastern U.S., which recently underwent
a significant renovation.
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Shoham
Amin, Founder and Principal of Excel Group, said, “We are thrilled
to acquire the Embassy Suites by Hilton Syracuse Destiny USA, the premier
hotel in the market. This property is strategically positioned to benefit
from Syracuse’s ongoing resurgence. This investment allows us to capitalize
on the recent supply and demand imbalance caused by hotel closures in the
area. Historically, this market has been stable, driven by healthcare and
education sectors, and is now poised for significant growth with Micron’s
upcoming construction.”
“Excel
is excited to make our Fund’s third investment in New York State. This
acquisition builds on
Excel’s track record of identifying attractive, value-add opportunities
that meet our focused and time-tested criteria of investing in premium-branded
hotels with substantial growth potential,” added Matt
Wexler, Principal of Excel Group.
About
Excel Group
Founded
in 2011, Excel Group is an Arlington,
VA-based private equity firm that owns, develops, invests in and asset
manages hotels in markets across the U.S. Excel Group is focused on disciplined,
cycle-appropriate hotel real estate investments and asset management. For
more information, please visit www.Excelgp.com.
About
Embassy Suites by Hilton
Embassy
Suites by Hilton, one of Hilton’s market-leading brands, is dedicated
to delivering what matters most to travelers. The full-service hotel brand
offers both leisure and business travelers an approachable, upscale experience
with two-room suites, free made-to-order breakfast, flexible meetings and
events space, inviting open atriums, 24-hour fitness centers and a complimentary
evening reception. Embassy Suites by Hilton offers 270 open hotels with
more than 30 properties in development. Experience a stay at Embassy Suites
by Hilton by booking at www.EmbassySuites.com
or through the industry-leading Hilton
Honors app. Hilton
Honors members who book directly through preferred Hilton channels
have access to instant benefits. Learn more about Embassy Suites by Hilton
at stories.Hilton.com/embassysuites,
and follow the brand on Facebook,
LinkedIn
and Instagram.
Media
Contacts:
Gasthalter
& Co.
Director
of Strategic Marketing
Graham
Kahr
Communications
Associate
Brandon
Lin
212-257-4170
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