TAMPA, FL—Excel Group is betting big on Florida hotels. The company just acquired a portfolio of three select service hotels in Central Florida.

The three institutional quality hotels include: the 128-room Hyatt Place in Lake Mary, FL; the 83-room Hilton Garden Inn Oldsmar in Tampa, FL; and the 110-room Hampton Inn and Suites Oldsmar in Tampa, FL.

“This portfolio further marks the extension of our growth while adhering to a disciplined strategy of acquiring well located, under-performing assets at a discounted basis,” says Shoham Amin, managing partner of Excel. The firm's executives see strong upside potential at a significant discount to replacement cost.

The recently-constructed hotels are in good physical condition. Hampton Inn and Suites was built in 2013. Hyatt Place was built in 2008. Hilton Garden Inn was built in 2006. The firm plans a $3 million renovation across the portfolio.

“We are pleased to enhance our presence in Florida via the acquisition of this portfolio of well-branded assets,” says Romy Bhojwani, COO of Excel. “We see significant upside opportunity in this investment, and look forward to working closely with our management company partners in the implementation of a strategic asset management plan designed to leverage market growth, and drive superior operating performance.”

Investors are taking a liking to Central Florida hotels. A seven-property, 2,566-key full service hotel portfolio in February secured a $110 million. The properties are in Florida, California, Virginia, Ohio, and New Mexico.