Crescent Real Estate Divests The Hotel at Avalon

Crescent acquired the hotel in September 2020, capitalizing on a period of industry-wide instability. At the time, the firm identified the property as an irreplaceable asset, banking on the long-term viability of the Avalon ecosystem despite near-term market disruptions. The strategy centered on purchasing a premier asset at an attractive basis, a move that executives now cite as a validation of their disciplined underwriting and market timing.

Since opening in 2018, the hotel has maintained its status as the sole lodging option within the Avalon development, which integrates luxury retail, residential, and office space. Throughout the holding period, the property benefited from the broader recovery of the hospitality sector and the continued expansion of the surrounding community. According to Christopher Goff, Senior Managing Director at Crescent, the sale reflects a successful execution of a strategy that prioritized quality assets during moments of extraordinary market uncertainty. The disposition process was facilitated by Eastdil Secured, with operational management provided by HEI Hotels & Resorts.