Crescent Real Estate LLC has acquired The Hotel at Avalon, according to a press release Thursday from the firm. The 330-room property is the only hotel at the $1 billion, 86-acre mixed-use development community of Avalon. Crescent acquired The Hotel at Avalon on behalf of Crescent’s GP Invitation Fund II.
The Hotel at Avalon is a Marriott Autograph Collection hotel that opened in 2018. It is home to Atlanta-born South City Kitchen restaurant from Fifth Group Restaurants. The hotel also includes Starbucks, the Magnolia Bar and Pool Terrace, and a fitness center. Additional amenities include 24-hour valet parking, gigabit-speed wi-fi, and concierge services, as well as direct access to Avalon’s 70 retail shops, and 20 dining venues.
“This investment is a unique opportunity to own a best-in-market hotel with attractive growth and revenue characteristics,” Jason Anderson, Co-CEO of Crescent, said in the release. “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.”
Crescent will keep hotel management firm HEI Hotels & Resorts on board to continue overseeing the property. Hodges Ward Elliott acted as the exclusive advisor to seller Avalon Hotel Associates, LLC—a venture between Stormont Hospitality Group, North American Properties, and Long Wharf Capital—in the transaction.
[Editor’s note: an earlier version of this article incorrectly listed North American Properties (NAP) as the seller of The Hotel at Avalon. The actual seller was Avalon Hotel Associates, LLC, a venture that includes NAP.]