Crescent Real Estate LLC, through its investment vehicle GP Invitation Fund III, LP, has acquired the Home2 Suites by Hilton Alpharetta Hotel for $21.3 million from RAM Hotels. The 107-key hotel is conveniently located less than a mile from Avalon – an 86-acre mixed-use development featuring over 570,000 square feet of retail space and more than 600 single and multi-family residences.
The acquisition presents an opportunity for Crescent to enhance property-level efficiencies between the newly acquired hotel and The Hotel at Avalon (also within Crescent’s portfolio). With fully equipped kitchens in all rooms including studios and suites, this select-service hotel offers modern amenities to guests. As one of the newest hotels in the submarket having opened in 2019 with minimal capital expenditure required in the near future.
To manage operations at this new addition to their portfolio, Crescent has engaged HEI Hotels & Resorts – a leading hospitality management company known for delivering exceptional guest experiences. This strategic acquisition further strengthens Crescent’s presence as a prominent player in real estate investments.
