Summary:
- Excel Group reportedly acquired the Residence Inn and Hampton Inn & Suites in Coconut Creek, Florida, for $21.17 million.
- The 105-room Residence Inn was built in 2019; the adjacent Hampton Inn & Suites, built in 2014, also has 105 rooms.
- Founded in 2011, Excel owns, develops, invests in, and manages U.S. hotels, with about $1 billion in acquisitions.
EXCEL GROUP, A private equity firm that owns and develops hotels, reportedly acquired the Residence Inn and Hampton Inn & Suites in Coconut Creek, Florida, for $21.17 million. The Arlington, Virginia-based firm is led by Founder and Principal Shoham Amin.
Excel acquired the hotels from entities affiliated with Check My Property, a California-based real estate investment firm with a national portfolio of economy and midscale hotel assets, South Florida Business & Wealth reported. Marcus & Millichap marketed the portfolio for the seller and secured the buyer, according to the brokerage.
“At a time when market conditions have led to very few sales within this range of value, the hotels' location and the quality of the brands were critical in driving buyer demand,” said Robert Hunter, Marcus & Millichap’s senior managing director. “This was one of the more competitive sales processes we’ve managed in years, which is a testament to the premium for premium-branded hotels in Southeast Florida.”
The six-story, 105-room Residence Inn was built in 2019. The adjacent Hampton Inn & Suites, built in 2014, also has 105 rooms. Both offer outdoor pools, fitness centers and meeting space, Marcus & Millichap said in a statement. The hotels occupy a 4.73-acre site near Seminole Casino Coconut Creek, HCA Florida Northwest Hospital and the Mainstreet at Coconut Creek development.
Founded in 2011, Excel owns, develops, invests in and manages U.S. hotel assets, having acquired about $1 billion in hotel real estate.
In March, Excel secured investment from Los Angeles-based Ares Management for a portfolio of eight Marriott and Hilton hotels. The assets, mostly on the U.S. East Coast, include limited-, select- and extended-stay properties.
