FORT WORTH – Crescent Real Estate LLC acquired The Hotel at Avalon, a 330-room upscale hotel locatedin the Metro Atlanta suburb of Alpharetta, Ga. The hotel is located within the $1 billion, 86-acre mixed-use development community of Avalon.
Fort Worth-based Crescent, founded by John C. Goff, acquired The Hotel at Avalon on behalf of Crescent’s GP Invitation Fund II.
“While the hotel has been impacted by the current COVID pandemic, The Hotel at Avalon has shown great resiliency and has materially outperformed the market on both occupancy and rate. The hotel is well positioned to take advantage of the market recovery.” said Jason Anderson, Co-CEO of Crescent. “This investment is a unique opportunity to own a best-in-market hotel with attractive growth and revenue characteristics.”
The Hotel at Avalon is a Marriott Autograph Collection hotel and features the South City Kitchen restaurant, a popular Southern comfort food destination developed by Atlanta’s Fifth Group Restaurants.
Hodges Ward Elliott acted as the exclusive advisor to the seller, Avalon Hotel Associates, LLC, a venture between Stormont Hospitality Group, North American Properties, and Long Wharf Capital.
As the only hotel within the Avalon community, The Hotel at Avalon uniquely provides guests with unparalleled access to world-class shopping, dining, and retail attractions. The hotel benefits from a diverse set of demand generators within Avalon, including almost 600,000 square feet of recently developed Class A office space, two institutionally owned luxury multifamily communities, and high-end single-family homes and townhouses.
The Hotel at Avalon is also home to the 65,000 square foot Alpharetta Conference Center. Developed in partnership with the City of Alpharetta, the conference center has group meeting facilities within the Atlanta metropolitan area.
Crescent will continue The Hotel at Avalon’s strong relationship with the City of Alpharetta and the Development Authority of Fulton County.
Crescent will retain HEI Hotels & Resorts for hotel management firm.
Crescent’s real estate portfolio consists of Class A and creative office, 5,000-units of multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton Hotel and Residences Dallas, the historic Brown Palace Hotel in Denver and the wellness lifestyle facility, Canyon Ranch.
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