ARLINGTON, Va.–(BUSINESS WIRE)–Excel Group, an Arlington, Virginia-based private equity firm that owns, develops, and invests in hotels throughout the United States, today announced 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.
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
