Excel Group buys Residence Inn by Marriott Wilmington Downtown

Excel Group has acquired Residence Inn by Marriott Wilmington Downtown in Wilmington, Delaware. No financial terms were disclosed.

PRESS RELEASE

ARLINGTON, Va., Nov. 26, 2018 /PRNewswire/ — Washington DC-based real estate investment firm Excel Group has announced its recent acquisition of the 96-key Residence Inn Wilmington Downtown located in the heart of downtown Wilmington, DE.

“We are excited to acquire this newly opened hotel in the core of downtown Wilmington – the first new hotel in downtown Wilmington in over 20 years,” remarked managing partner Shoham Amin.

“This transaction represented a unique opportunity to acquire the only premium-branded extended stay hotel in all of downtown Wilmington. Additionally, this investment aligns with our company’s investment strategy of acquiring premium-branded select-service assets in strong high barrier-to-entry urban and secondary markets.”

This purchase represents the fourth major transaction for Excel Group this year, representing a total transaction volume of over $100 million.

For more information, please contact Shoham Amin, Managing Partner of Excel Group at shoham.amin@excelgp.com.

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.