Washington, D.C-based Excel Group, a real estate investment firm, has acquired the Hyatt Place Washington DC / US Capitol, a 14-story, 200-room hotel. No financial terms were disclosed.
ARLINGTON, Va., Aug. 14, 2017 /PRNewswire/ — Washington DC-based real estate investment firm Excel Group has announced its recent acquisition of the Hyatt Place Washington DC / US Capitol, a 14-story, 200-room hotel, which opened in June 2014.
The newly-constructed property sits squarely in the center of DC’s burgeoning NoMa neighborhood, a 35-block district of Northeast Washington. Well-funded by private developers, NoMa is a rapidly transforming area that will see an additional 20 million square feet of new office, residential, hospitality and retail development over the coming years. Referred to as the city’s “most connected” area, NoMa is highly accessible, with Amtrak, Virginia Railway Express (VRE), MARC, two Red Line Metro stops, seven Capital Bikeshare locations, and I-395 access.
“It’s an exciting time to be in NoMa, and we’re thrilled to announce this acquisition,” remarked managing partner Shoham Amin. “As an early stakeholder in this up-and-coming area of Washington, we’re very confident in the local market’s outlook, and look forward to the continued commercial and residential growth coming to the neighborhood.”
Hyatt Place will be Excel’s closest acquisition in proximity to its headquarters —a significant move as the firm continues to expand its footprint. With a current portfolio of 17 properties, Excel Group is among the fastest-growing real estate companies in the nation, most recently ranked third by Inc Magazine in 2016.
ABOUT EXCEL: Excel Group is a Washington, D.C.-based private equity firm that owns, develops, and asset manages hotels in high-growth markets across the Eastern U.S. Excel Group is focused on disciplined, cycle-appropriate hotel real estate acquisitions and asset management.
ABOUT HYATT PLACE WASHINGTON DC / US CAPITOL: With over 200 rooms and an ideal location in DC’s vibrant NoMa neighborhood, the 14-story Hyatt Place Washington DC/US Capitol is a contemporary hotel offering style and comfort to travelers visiting the nation’s capital. Rejuvenate with KenetMD bath essentials and sleep soundly on a Hyatt Grand Bed. Free hotel-wide Wi-Fi, free hot breakfast, 24-hour gym and indoor pool make your stay more comfortable. Hyatt Place also features 1600 square feet of meeting space for small meetings or large events.