Crescent Real Estate has sold The Hotel at Avalon, a 330-room, Autograph Collection luxury hotel in Alpharetta, Ga., marking the end of a six-year investment. Other terms and conditions were not disclosed. HEI Hotels & Resorts managed the property.
The company acquired the property in September 2020, citing confidence in the hotel's long-term fundamentals despite significant uncertainty across the lodging industry. The asset is located within Avalon, a mixed-use development that includes retail, dining, office, residential and entertainment components.
"The Hotel at Avalon was a truly irreplaceable asset located within one of the country's premier mixed-use communities, and we were able to acquire it at a basis that reflected a moment of extraordinary market uncertainty," said Christopher Goff, senior managing director and head of capital formation at Crescent Real Estate.
That combination of conviction, disciplined underwriting and strong execution helped generate a successful outcome for investors, Goff said in a statement.
Opened in 2018, The Hotel at Avalon serves as the hospitality anchor of the Avalon development and is the only hotel within the project. Crescent said the property's location within the mixed-use destination and its operating performance attracted significant investor interest during the sales process.
Throughout Crescent's ownership, the hotel benefited from the recovery of the lodging sector and continued growth within the Avalon community, according to the company. "The Hotel at Avalon has consistently distinguished itself as one of the premier hotels in the Southeast," said Troy Furbay, managing director and head of hospitality at Crescent Real Estate.
"The strength of the property, the Avalon ecosystem and the work of Crescent's team alongside HEI Hotels & Resorts positioned the hotel for sustained success throughout our ownership and ultimately drove significant interest from the investment community," Furbay said.