Excel Group, a private equity firm that owns and develops hotels across the country, purchased a two-property hotel portfolio: Residence Inn and Hampton Inn & Suites in Coconut Creek, Fla. Marcus & Millichap exclusively marketed the portfolio on behalf of the seller and secured the buyer. Other terms and conditions were not disclosed.
“At a time when market conditions have led to very few sales within this range of value, the hotels' location and the quality of the brands were critical in driving buyer demand,” Robert Hunter, Marcus & Millichap senior managing director, said in a statement. “This was one of the more competitive sales processes we’ve managed in years, which is a testament to the premium for premium-branded hotels in Southeast Florida.”
Hunter, along with Marcus & Millichap’s Leo Reilly, Evan P. Kristol and Austin Michels, exclusively marketed the portfolio.
The Residence Inn is a six-story, 105-room extended-stay hotel built in 2019. Next door, the Hampton Inn & Suites was built in 2014 and includes 105 guestrooms. Both properties have similar amenities, including outdoor pools, fitness centers, meeting space and business services.
Situated on a combined 4.73-acre site along State Road 7, a major north-south corridor with direct access to the Sawgrass Expressway and Florida’s Turnpike, the hotels are minutes from area attractions including Seminole Casino Coconut Creek, HCA Florida Northwest Hospital and the 200-acre Mainstreet at Coconut Creek mixed-use development currently underway.