Newport News, Va.—Mumford Company, a full-service hospitality brokerage advisory firm, announced it has closed seven transactions involving properties across the United States in the last few weeks. The hotels—located from Montana to Virginia—all sold in individual transactions and represent a cross-section of select- and full-service mid-market brands.
“Transaction volume is continuing in a similar pattern to last year,” Ed James, Mumford Company managing principal, says. “Deal activity picked up towards the end of the first quarter and we predict will continue strong through summer. Buyer demand remains strong especially for newer, better-branded properties in solid markets and our challenge remains filling that demand in the short term.”
“Many investors thought the Tax Cuts and Jobs Act would immediately add more inventory to the market, but that has not been the case thus far,” Steve Kirby, Mumford Company managing principal, adds. “Solid fundamentals and strong demand have kept operating margins at historical highs but the opportunity to posture for coming years is now, while lodging real estate pricing remains strong. There are opportunities on the buy side, but owners do not want to try to time the market and be the last ones looking for the exit.”
Mumford Company is marking its 40th anniversary this year. The company started as a family business 1978 to provide quality hotel brokerage services and remains committed to this core business philosophy. The firm has sales teams in regional offices across the country, including Newport News, Virginia; Atlanta, Georgia; Chicago, Illinois; Dallas, Texas; and Washington DC.