Excel Group has acquired Residence Inn by Marriott Wilmington Downtown in Wilmington, Delaware. No financial terms were disclosed.
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 firstname.lastname@example.org.
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.