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.
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