Washington, D.C.-based private-equity firm Excel Group has acquired three select-service hotels in Florida for a total consideration of $35 million: the 128-room Hyatt Place Lake Mary; the 83-room Hilton Garden Inn Oldsmar – Tampa/North; and the 110-room Hampton Inn and Suites Oldsmar – Tampa/North.
The properties are reportedly in good physical condition, and no report of a PIP was mentioned. The Hyatt Place was built in 2008, the Hilton Garden Inn was built in 2006, and the Hampton Inn and Suites was built in 2013.
“This portfolio further marks the extension of our growth while adhering to a disciplined strategy of acquiring well located, under-performing assets at a discounted basis,” said Shoham Amin, managing partner of Excel Group.
Excel Group acquired the three-property portfolio at a significant discount to replacement cost, it said. The firm plans an approximately $3-million renovation across the portfolio to reposition the assets.
“We are pleased to enhance our presence in Florida via the acquisition of this portfolio of well-branded assets. We see significant upside opportunity in this investment, and look forward to working closely with our management company partners in the implementation of a strategic asset management plan designed to leverage market growth, and drive superior operating performance,” stated Romy Bhojwani, COO of Excel Group.