Embassy Suites by Hilton Syracuse Destiny USA Hotel Sold

Excel Group, a private equity firm based in Arlington, Virginia, has purchased Embassy Suites by Hilton Syracuse Destiny USA. The 209-room property is the most recently developed hotel in the greater Syracuse market and is uniquely located next to Destiny USA, one of the top ten largest shopping and entertainment centers in the U.S.

Embassy Suites by Hilton Syracuse Destiny USA, established in 2017, is located in a region showing a growing demand for hotel accommodations. This demand is driven by shopping, transportation hubs, Syracuse University, and local healthcare institutions such as Upstate University Hospital and St. Joseph’s Health Hospital. Moreover, the hotel’s location is critical for ongoing development projects.

One significant development near the hotel is Micron Technologies’ planned $100 billion chip complex, set to commence construction in 2025 and expected to create around 50,000 direct and indirect jobs. Additionally, the hotel is in proximity to the JMA Wireless Dome, the largest domed stadium in the Northeastern U.S., which recently underwent major renovations.

Shoham Amin, Founder and Principal of Excel Group expressed excitement about the acquisition, noting that the hotel’s strategic location allows them to capitalize on the recent imbalance of hotel supply and demand in the area due to local hotel closures. Amin also highlighted the anticipated growth in the region due to Micron’s construction project.

Matt Wexler, Principal of Excel Group, added that this is the third investment the firm has made in New York State. He emphasized the firm’s commitment to investing in high-quality hotels showing substantial growth potential and considers the acquisition a continuation of its successful investment strategy. The purchase of Embassy Suites by Hilton Syracuse Destiny USA aligns with their criteria of investing in premium-branded hotels with considerable growth prospects.