Crescent Purchases 330-Key Hotel in Atlanta Suburb
- Sep 18, 2020
Crescent Real Estate has acquired The Hotel at Avalon, a 330-key luxury hotel in Alpharetta, Ga. The asset is located within Avalon, a $1 billion, 86-acre mixed-use development. Crescent has retained HEI Hotels & Resorts to provide property management services.
Completed in 2018, the property is a Marriott Autograph Collection hotel and comprises a 65,000-square-foot conference center and provides direct access to Avalon. The asset also features a Southern comfort food restaurant, Starbucks, bar, fitness center and valet parking. Located at 9000 Avalon Blvd., the hotel is within 2 miles of downtown Alpharetta, Ga., and is 12 miles from Interstate 85.
Avalon includes roughly 600,000 square feet of recently developed Class A office space, two luxury multifamily communities and single-family homes. The development also features several retail and dining options.
Hodges Ward Elliott represented the seller in the transaction. In August, the company assisted a joint venture between BLVD Hospitality, Global Mutual and ESI Ventures with the acquisition of The Georgian, an 84-key hospitality asset in Santa Monica, Calif.