BLACKSTONE REAL ESTATE Advisors recently acquired four Florida hotels from an Excel Group joint venture for $58.5 million.
Shoham Amin is managing partner of Excel Group, a private equity investment firm base in Washington, D.C. The firm announced the transaction on Nov. 28.
Excel Group and JV partner Westport Capital Partners of Wilton, Connecticut, reportedly bought the hotels in 2015 for $46.1 million. The deal with Blackstone generated a $12.4 million or 21.2 percent return on the 469-room portfolio.
The assets are the 148-room Hilton Garden Inn Tampa North, the 83-room Hilton Garden Inn Oldsmar, the 110-room Hampton Inn Oldsmar and the 128-room Hyatt Place Lake Mary.
“This sale signifies a milestone for the Excel Group as it represents another major portfolio that we have taken full cycle – from acquisition through disposition,” Amin said in a statement. “This transaction typifies our ability to take core-plus assets and significantly improve operational performance to achieve opportunistic returns.”
The sale to Blackstone is the second major transaction for Excel Group this year. In May 2017, Excel Group acquired the 200-key Hyatt Place Washington DC/US Capitol.