Crescent Announces Successful Sale Of The Hotel At Avalon

Crescent Real Estate LLC announced the successful sale of The Hotel at Avalon, a 330-room luxury hotel located within Avalon, Alpharetta’s award-winning mixed-use destination.

Acquired in September 2020 amid unprecedented uncertainty across the hospitality industry, The Hotel at Avalon represented a high-conviction investment in a superior hotel at a time when many investors remained focused on the near-term disruption caused by the COVID-19 pandemic. Crescent recognized the opportunity to acquire a premier hotel at an attractive basis, supported by the asset’s long-term strength, location, and the broader Avalon ecosystem.

Opened in 2018, The Hotel at Avalon serves as the hospitality anchor of Avalon, one of the Southeast’s premier mixed-use destinations featuring luxury retail, dining, office, residential, and entertainment offerings. As the only hotel within the development, the property occupies an irreplaceable position within one of the region’s most successful live-work-play environments.

“In the fall of 2020, very few investors were willing to lean into hospitality. We believed 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 by our team and partners produced a great outcome for our investors, fully validating our original investment conviction.”

Throughout Crescent’s ownership, the hotel benefited from the lodging sector’s recovery and the continued growth of the Avalon community, further validating the original investment thesis. The property’s exceptional quality, market-leading performance, and irreplaceable position within Avalon attracted significant investor interest, culminating in one of the most notable hotel transactions in the Atlanta market in recent years.

“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 great 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.”