NEWPORT NEWS, Virginia—Mumford Company represented an affiliate of Raines Co. in the recent sale of the Courtyard by Marriott in the Columbia suburb, Cayce, South Carolina. Raines Co.—a multi-unit lodging and resort developer, owner, and operator—will continue to manage the property in a short-term arrangement. Steve Kirby and Ed James, Mumford Company managing principals, represented the seller in the transaction.
The purchaser was an affiliate of Charlotte-based ABC Investments and Management Co., Inc. ABC Investments is a multi-disciplined real estate developer, owner, and operator with a primary focus on the lodging industry, with multiple assets in the Carolinas. The 2018 built structure was in excellent condition and purchasers plan cosmetic renovations for continued operations as a Courtyard by Marriott.
“We are pleased to see this project through its lifecycle from site acquisition and ground-up development, to successful operations and then disposition. A big congratulations to the buyer and kudos to Mumford for the excellent guidance and service during this seamless transaction.” Grey Raines, partner of Raines Co.
