US: Washington DC-based real estate investment firm Excel Group has acquired the 96-key Residence Inn Wilmington Downtown.
The property is located at 1300 North Market Street, in the heart of downtown Wilmington, Delaware. The all-suite hotel open in March 2018 as a Marriott franchise, managed by Canon Hospitality Management, which sold the asset to Excel.
“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,” said Excel 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 more than $100 million.
Excel Group is a private equity firm that owns, develops, and asset manages hotels in high-growth markets across the Eastern US.
