US-based private equity company Excel Group has acquired Embassy Suites by Hilton Syracuse Destiny USA for an undisclosed sum.
This hotel was opened in 2017 and features 209 guest rooms.
The hotel taps into the growing demand for accommodation driven by various factors in the Greater Syracuse market. These include the proximity to shopping destinations, travel hubs, educational institutions and healthcare facilities.
The area is witnessing development, highlighted by Micron Technologies’ planned $100bn chip complex and the recent renovation of the domed stadium in the Northeastern US.
Excel Group principal and founder Shoham Amin 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 Group principal Matt Wexler said: “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.
Excel Group is focused on asset management and cycle-appropriate hotel real estate investments across the US.
Excel Group’s other Hilton brand hotel portfolio includes locations at Dobbs Ferry, Fredericksburg, Jacksonville, O’Fallon, Sarasota Airport, and Tampa North.
