A 39-year-old man is in hospital with "multiple lacerations" after an assault Friday night in Winnipeg's Exchange District.

Winnipeg police said it happened just before 11 p.m. in the 300 block of Ross Avenue near Princess Street.

Police said the victim was confronted by a group of males, some of whom were armed with a knife. 

The suspects demanded the man's property and assaulted him. 

The culprits ran off, but were spotted by police officers on foot patrol.

Police said two 18-year-old suspects were taken into custody and another is still sought.

The 39-year-old is in stable condition.

The suspects are facing robbery including assault charges and the investigation is continuing.