Arlington, VA-based private equity firm Excel Group has acquired the Embassy Suites by Hilton Syracuse Destiny USA. The 209-room hotel in Syracuse, NY, is the most recently developed hotel in the greater Syracuse market and is the only hotel located adjacent to the Destiny USA shopping and entertainment centers.
Opened in 2017, the hotel is located in an area with increasing demand for hotel space due to demand drivers such as shopping, travel hubs, Syracuse University and healthcare institutions, including Upstate University Hospital and St. Joseph’s Health Hospital, as well as the area’s robust development pipeline. In particular, the hotel is several miles from the site of Micron Technologies’ planned $100-billion chip complex, which will begin construction in 2025 and is expected to generate 50,000 direct and indirect jobs, and the JMA Wireless Dome, which recently underwent a significant renovation.
“We are thrilled to acquire the Embassy Suites by Hilton Syracuse Destiny USA, the premier hotel in the market,” said Shoham Amin, founder/principal, Excel Group. “This property is strategically positioned to benefit from Syracuse’s ongoing resurgence. This investment allows us to capitalize on the recent supply and demand imbalance caused by hotel closures in the area. Historically, this market has been stable, driven by healthcare and education sectors, and is now poised for significant growth with Micron’s upcoming construction.”
Matt Wexler, principal, Excel Group, added, “Excel is excited to make our fund’s third investment in New York State. This acquisition builds on our track record of identifying attractive, value-add opportunities that meet our focused and time-tested criteria of investing in premium-branded hotels with substantial growth potential.”