US-based firm Crescent Real Estate has completed the divesture of The Hotel at Avalon, a 330-room property in Alpharetta, Georgia.
The company did not disclose financial and buyer details.
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The hotel, which first opened its doors in 2018, forms part of a mixed-use development which includes retail, dining establishments, office space, residential units and entertainment facilities.
The property is the only hotel within that development, Crescent said.
Crescent acquired the hotel in September 2020, amid what the real estate firm described as “unprecedented uncertainty” across the hospitality industry due to the Covid-19 pandemic.
During the period Crescent held the asset, the hotel is claimed to have gained from the broader rebound experienced across the lodging industry, whilst the Avalon community itself continued to expand.
Crescent Real Estate senior managing director and Capital Formation head Christopher Goff said: “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.
“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.”
According to the website, the hotel features five types of accommodation along with pool and meeting and event spaces.
The Hotel at Avalon’s on-site dining options include South City Kitchen Avalon which specialises in serving southern staples.
