Fee Simple Ownership from a Distressed Mortgage Note
LEHIGHTON, PA – September 1, 2011 — Excel Group announced today that it has acquired the fee simple ownership of the Hampton Inn in Lehighton, Pennsylvania from an affiliated firm. The firm acquired the fee simple ownership through the purchase and foreclosure of a $4 million distressed mortgage note encumbering the 78-room property.
This distressed hotel note acquisition represents and extension of Excel Group’s platform into major operating real estate assets. Excel Group took this investment through the entire foreclosure process to include receivership and a successful sale. Excel Group plans to expand its distressed note acquisition platform into the hospitality asset class and secondary markets where strong risk adjusted returns can be achieved.