Excel Group, an Arlington, Va.-based real estate private equity firm that owns and develops hotels across the U.S., has acquired the 150-key Hampton Inn & Suites Yonkers, N.Y., located 17 miles away from New York City.
The asset is located in the center of a mixed-use complex that includes two hospitals, medical offices, corporate offices, industrial manufacturing and retail outlets. The hotel aims to benefit from a market with demand driven by healthcare, sports, education, film production and corporate.
“The local market fits our investment criteria as we search for assets with diverse and stable demand drivers,” comments Shoham Amin, Excel Group founder.