Crescent sells The Hotel at Avalon after a 2020 pandemic-era bet

Crescent Real Estate has sold The Hotel at Avalon, a 330-room luxury hotel anchoring the Avalon mixed-use development in Alpharetta, Georgia. Crescent bought the property in September 2020 when few investors were willing to underwrite hospitality, and executives said the exit validated that thesis. The firm called it one of the most notable hotel transactions in the Atlanta market in recent years; the price and buyer were not disclosed.

Why it matters: A clean round-trip on a COVID-era hotel purchase is a useful read on how far lodging valuations in the Sun Belt have recovered.