Ares Management real estate secondaries funds have invested in a portfolio of US hotels owned by Excel Group.
Ares has invested an unspecified amount in the eight Excel-owned Marriott and Hilton-branded hotels in a deal that also provides additional capital for Excel to continue to grow their hotel portfolio.
Excel said the assets are primarily concentrated in high-demand US East Coast markets with a mix of limited service, select service and extended stay hotels.
Shoham Amin, founder and principal of Excel Group, said: “This transaction is a pivotal milestone for Excel that builds on our team’s exceptional work to date.
“Our collaboration with Ares combines significant capital resources and a deep understanding of the hospitality landscape. We are excited to have Ares’s strategic support as we expand our portfolio and seek to achieve even greater success in the future.”
Jamie Sunday, co-head of real estate secondaries at Ares Management, said: “We are excited to partner with Shoham Amin and the Excel team as we look to capitalise on continued favorable fundamentals across the limited and select service hotel segments.
“We look forward to working closely with the Excel team and to strategically add hotels to the existing portfolio.”
Park Madison Partners served as the exclusive financial adviser on the transaction.
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