Private real estate fund targeting U.S. operating hotels, mainly premium-branded (Hilton, Marriott, Hyatt) limited-service hotels in primary and secondary markets, focused on the Top 25 MSAs. Target deal size is about $15–65M of total capitalization. Excel sources mostly off-market deals, applies hands-on asset management to cut expenses and raise revenue, and plans to sell assets singly or in portfolios after an average three-year hold. Targets: 23% gross IRR, 20% net IRR, 65% leverage. Targets are not guarantees.