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Alpharetta Hotel Flips for $21M
A Crescent Real Estate Fund has acquired the Home2 Suites by Hilton Alpharetta Hotel for $21.3 million. Through its investment vehicle – GP Invitation Fund III, LP – Crescent Real Estate LLC (Crescent) acquired the 107-key hotel from RAM Hotels. The hotel is located less than a mile from Avalon.
Opening in 2014, the 86-acre Avalon comprises more than 570,000 square feet of retail space, over 600,000 square feet of Class A office space, and 600 single and multi-family residences. Given the proximity to The Hotel at Avalon (also within Crescent’s portfolio), the acquisition provides an opportunity for the two hotels to enhance property-level efficiencies.
Hotel rooms feature fully equipped kitchens in studios and suites. Due to its recent delivery in 2019, the hotel is one of the newest select-service hotels in the submarket and requires minimal capital expenditure in the near term.
Crescent has engaged HEI Hotels & Resorts.
- ◦Sale/Acquisition
