FORT WORTH-Crescent Real Estate Equities Co. and Walton TCC Hotel Investors V LLC have inked a $550-million definitive agreement for a seven-property, 1,854-key portfolio in four states.

According to today’s SEC filing, the Chicago-based Walton put up $11 million in earnest money for the collection. The assets are the 228-key Fairmont Sonoma Mission Inn & Spa at 100 Boyes Blvd. and Sonoma Golf Club at 17700 Arnold Dr., both in Sonoma, CA; 60-room Ventana Inn & Spa at Highway 1 in Big Sur, CA; 190-key Park Hyatt Beaver Creek Resort & Spa at 50 W. Thomas Place in Avon, CO; 375-key Omni Austin hotel at 700 San Jacinto Blvd. in the Texas capital’s CBD, 613-room Denver Marriott hotel at 1701 California St. in the Downtown; and 388-room Renaissance Houston hotel at 6 E. Greenway Plaza.

The Fort Worth-based Crescent, the general partner and majority owner in a series of partnerships that own the properties, reports it will bank about $510 million in gross proceeds when the deal closes. The due diligence period ends March 26. The filing did not include an anticipated closing date, other than it will be done in the second quarter. Crescent could not be reached for comment by press time, but its past practice is not to discuss pending transactions.

When the deal closes, Crescent’s only hospitality holdings will be the Canyon Ranch flag. In its last earnings call, Crescent’s vice chairman and CEO John Goff said all options were being considered for the brand and its two locations. The 259-key flagship and brand’s corporate headquarters is Canyon Ranch at 8600 E. Rockcliff Rd. in Tucson and its sister resort, Canyon Ranch is a 212-key property at 165 Kemble St. in Lenox, MA.

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