FORT WORTH – Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room upscale property situated in Alpharetta, Georgia, a suburb in the Metro Atlanta area. The hotel sits within Avalon, an 86-acre, mixed-use community developed with roughly $1 billion in investment.
Fort Worth–based Crescent, founded by John C. Goff, completed the acquisition on behalf of Crescent’s GP Invitation Fund II.
“Although the hotel experienced impacts from the COVID-19 pandemic, The Hotel at Avalon has demonstrated strong resilience and has significantly outperformed the market in both occupancy and average daily rate. The property is well positioned to benefit from the market recovery,” said Jason Anderson, Co-CEO of Crescent. “This investment offers a rare opportunity to own a best-in-market hotel with attractive growth and revenue potential.”
The Hotel at Avalon operates as part of the Marriott Autograph Collection and houses South City Kitchen, a well-regarded Southern comfort food restaurant developed by Atlanta’s Fifth Group Restaurants.
Hodges Ward Elliott served as the exclusive advisor to the seller, Avalon Hotel Associates, LLC, a joint venture between Stormont Hospitality Group, North American Properties, and Long Wharf Capital.
As the only full-service hotel within the Avalon community, The Hotel at Avalon offers guests convenient access to premier retail, dining, and entertainment amenities. The hotel benefits from a diverse set of demand drivers within Avalon, including nearly 600,000 square feet of recently developed Class A office space, two institutionally owned luxury multifamily communities, and an array of high-end single-family homes and townhouses.
The property also includes the 65,000-square-foot Alpharetta Conference Center, developed in partnership with the City of Alpharetta, providing group and meeting facilities that serve the broader Atlanta metropolitan area.
Crescent plans to maintain the hotel’s strong working relationship with the City of Alpharetta and the Development Authority of Fulton County.
Crescent will retain HEI Hotels & Resorts as the hotel management firm.
Crescent’s real estate portfolio includes Class A and creative office properties, approximately 5,000 multifamily units, hospitality, and senior living assets across the United States. Notable holdings include The Ritz-Carlton Hotel and Residences Dallas, the historic Brown Palace Hotel in Denver, and the Canyon Ranch wellness lifestyle facility.
Sept. 20, 2020 Realty News Report. Copyright 2020.
File: John Goff, HEI, Fulton County. Crescent Acquires The Hotel at Avalon
File: Crescent Acquires The Hotel at Avalon
