Excel Group, an Arlington, Virginia–based private-equity firm, on Nov. 12 announced it has acquired the Embassy Suites by Hilton Syracuse Destiny USA, which is located across Hiawatha Boulevard from Destiny USA.
PHOTO CREDIT: ZOEYADVERTISING.COM
SYRACUSE — A Virginia–based private-equity firm is the new owner of the Embassy Suites by Hilton Syracuse Destiny USA hotel. The hotel is located at 311 Hiawatha Boulevard West, across from Destiny USA. Excel Group — an Arlington, Virginia–based private-equity firm that says it owns, develops, and invests in premium-branded limited-service hotels across the U.S. […]
SYRACUSE — A Virginia–based private-equity firm is the new owner of the Embassy Suites by Hilton Syracuse Destiny USA hotel.
The hotel is located at 311 Hiawatha Boulevard West, across from Destiny USA.
Excel Group — an Arlington, Virginia–based private-equity firm that says it owns, develops, and invests in premium-branded limited-service hotels across the U.S. — on Nov. 12 announced that it has acquired the 209-room hotel.
Excel Group didn’t disclose the purchase price. The Onondaga County property record for 311 Hiawatha Blvd West and Solar Street lists the owner as Destiny USA Real Estate LLC. The total assessment for 2024 is nearly $13.6 million and the full market value is listed at more than $21.7 million, according to the county record.
Shoham Amin
“We are thrilled to acquire the Embassy Suites by Hilton Syracuse Destiny USA, the premier hotel in the market. This property is strategically positioned to benefit from Syracuse’s ongoing resurgence,” Shoham Amin, founder and principal of Excel Group, said in a statement. “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.”
The Embassy Suites by Hilton Syracuse Destiny USA hotel opened in 2017.
Excel Group says the hotel is “strategically located in an area with increasing demand for hotel space stemming from 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.”
The hotel is also located several miles from the site of Micron Technology’s (NASDAQ: MU) planned $100 billion chip complex, which will begin construction in 2025 and is expected to generate 50,000 direct and indirect jobs. The Embassy Suites is also a short drive from the JMA Wireless Dome.
Post
Share
Tweet
Print
Email
Get our email updates
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
