Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced that it has completed the sale of the Fairfield Inn & Suites by Marriott Charlottesville University/Downtown Area in Charlottesville, Virginia.
Steve Kirby and Ed James, managing principals of Mumford Company, represented an affiliate of Atlanta-based Peachtree Hotel Group, one of the nation’s fastest-growing hotel investment and management platforms, as the seller’s broker. An affiliate of Charlotte-based Griffin Stafford Hospitality purchased the asset, as part of a 1031 exchange after the sale of the Home2 Suites by Hilton Durham/Chapel Hill, in Durham, North Carolina.
The 117-room property is located near John Paul Jones Arena, University of Virginia, historic downtown Charlottesville, The Appalachian Trail, and UVA Medical Center, and School of Medicine. Peachtree Hotel Group opened the property in July of 2018.
“This was an off-market transaction that created a win-win for both parties,” said Steve Kirby, Managing Principal, Mumford Company. “This newly constructed asset opened in July of 2018 and was the perfect addition to Griffin Stafford Hospitality’s portfolio. The numerous issues surrounding the completion of the contractor punch list and the final approvals required by the City of Charlottesville could not have been overcome without consistent cooperation between buyer and seller ”
The Fairfield Inn & Suites features the brands signature “smart” room with a well-designed work area, ergonomic chair, task lighting, conveniently located electrical outlets, and curve mobile desk. Additional amenities include an indoor swimming pool, exercise room, valet laundry service, and complimentary WiFi, as well as fax and copy services. The hotel also offers 498 square feet of meeting space.
“The hotel, which we acquired at certificate of occupancy less than a year ago, retains a great deal of value-add potential,” said Brian Waldman, senior vice president of investments, Peachtree Hotel Group. “The appetite for new product in markets with barriers to entry and numerous demand generators remains strong industry-wide. Mumford helped us locate an ideal buyer who will take this new hotel to the next level.”
“This is a superior-quality hotel located in a high barrier to entry, university and medical market rich in history,” said Joel Griffin, principal, Griffin Stafford Hospitality. “Acquired in an off-market transaction, the Fairfield by Marriott University/Downtown Area is strategically located to primary demand generators and well positioned within a difficult to develop sub-market. Mumford was tasked with identifying an appropriate acquisition for us and delivered. This property fits our long-term growth strategy to acquire and develop premium-branded hotels in unique markets.”
