Excel Group Acquires 165-Key Hampton Inn Newark-Harrison-Riverwalk in Harrison, New Jersey
Washington DC-based
real estate investment firm Excel Group has announced its recent
acquisition of the 165-key Hampton Inn Newark-Harrison-Riverwalk located
in Harrison, NJ adjacent to downtown Newark, NJ.
"Newark is
experiencing a remarkable revitalization with over $5 billion of real
estate development in the pipeline. We are excited to be a part of Newark's growth story and to add this property to our portfolio," remarked managing partner Shoham Amin.
"This transaction typifies our current investment strategy of acquiring
premium-branded select-service assets in strong high barrier-to-entry
urban and secondary markets."
As part of the transaction, Excel Group will be executing a comprehensive multimillion-dollar renovation covering all guestrooms and public spaces. This purchase represents the fourth major transaction for Excel Group over the past 12 months, representing a total transaction volume of approximately $100 million.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
