EXCEL GROUP, A Virginia-based private equity firm, acquired the 209-room Embassy Suites by Hilton Syracuse Destiny USA in Syracuse, New York. The hotel, one of the newest in the greater Syracuse market, is located near Destiny USA shopping and entertainment complex, Excel Group said in a statement.
Excel Group is led by Shoham Amin as founder and principal.
“We are thrilled to acquire the Embassy Suites by Hilton Syracuse Destiny USA, the premier hotel in the market,” said Amin. “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.”
The hotel is near Micron Technologies' planned $100 billion chip complex, set to begin construction in 2025 and expected to create 50,000 jobs, the company said. Also nearby are the JMA Wireless Dome, Syracuse University, and healthcare institutions such as Upstate University Hospital and St. Joseph’s Health Hospital, the statement said.
Founded in 2011, Excel Group owns, develops, invests in, and manages hotel assets across the U.S.
Matt Wexler, principal of Excel Group, said this is their 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,” he said.
In November, NexGen Hotels, led by principals Chris and Ron Patel, acquired The Maritime Hotel Fort Lauderdale, a 150-room property to be rebranded as the Moor Hotel at Marina Bay, a Tribute Portfolio Hotel, with renovations expected by the third quarter of 2025. This marks NexGen's second acquisition of the year, following the 137-room Hotel Versey in Chicago in May.
