An affiliate of Crescent Real Estate LLC, which owns the Hotel at Avalon, has acquired another asset in Alpharetta.
The Home2 Suites by Hilton Alpharetta hotel has been sold to an affiliate of Crescent for $21.3 million, Atlanta Business Chronicle reports. The 107-key hotel is located at 12075 Morris Road, almost a mile from the mixed-use development and Alpharetta staple Avalon. It opened in 2019.
Crescent is based in Fort Worth, Texas. The company bought the Home2 Suites by Hilton Alpharetta from RAM Hotels, according to the news outlet.
“Given the proximity to The Hotel at Avalon (also within Crescent’s portfolio), the acquisition provides an opportunity to complex operations between the two hotels and enhance property-level efficiencies,” Crescent said in a news release.
The company cited Alpharetta’s proximity to the Georgia 400 highway, as well as the job growth and economic activity of the area, as an appeal of the market.
Crescent acquired the 330-room Hotel at Avalon in 2020.
