Alex. Brown Realty (ABR) and Hotel Development Partners (HDP) have sold the Courtyard by Marriott Atlanta Alpharetta/Avalon Area to an entity backed by JMREI and Lionshead Capital Partners. The financial terms were not disclosed.
The ABR/HDP joint venture developed the 115-room Courtyard, which opened in early 2019. “We are proud to have brought this state-of-the-art Courtyard to Alpharetta. It was extremely well-received and is among the finest examples of the Courtyard brand,” said Allen O'Brien, CEO of HDP. Hotel Equities, an affiliate of HDP, managed the hotel on behalf of the joint venture.
“We are extremely pleased with the attractive return that this investment has generated for our investors,” stated Tom Burton, Senior Managing Director and CIO of ABR. “The HDP team proved to be a strong partner and we look forward to working with them on future deals,” added Burton. The Courtyard hotel represents the first joint venture between ABR and HDP.
