Finance & DevelopmentDevelopmentMumford Company Completes Sale of Multiple Hotel Properties

Mumford Company Completes Sale of Multiple Hotel Properties

NEWPORT NEWS, Virginia—Mumford Company, a full-service hotel advisory firm since 1978, completed the sale of three properties, including the Best Western Plus Regency Park, Walker, Louisiana; Sleep Inn & Suites Evergreen, Alabama; and the Holiday Inn Express & Suites Jackson—Flowood, Mississippi.

A lender-owned property, the 63-room Best Western Plus, sold at asking price and closed in less than 90 days. The 56-room Sleep Inn & Suites garnered half a dozen offers, with the winning offer including a substantial non-refundable deposit and closed in less than 100 days due to great cooperation between all stakeholders in the transaction. The 100-room Holiday Inn Express & Suites was the final lodging asset in the sellers’ portfolio and required extensive cooperation between buyer and seller for the assumption of the existing CMBS debt and associated escrow funds.

Ed James and Steve Kirby, managing principals of Mumford Company, were the primary brokers for the three transactions, but the entire Mumford Company team was extremely active in every step of the process.

“These transactions represent the appetite for product in the market right now,” said Steve Kirby, managing principal, Mumford Company. “Mumford Company was able to work with multiple parties to ensure the sellers in each transaction were able to achieve their specific goals and valuations for their properties.”

“The hospitality market is strong with many buyers searching for properties,” said Ed James, managing principal, Mumford Company. “Market conditions continue to improve, and we anticipate more inventory coming to market later this year. As a result, we anticipate our deal flow to increase and will work with our clients to review their portfolios to determine if they need to right-size their portfolios.”

RELATED ARTICLES

New Pyramid Global Hospitality COO Continues Focus on Big Data to Benefit Owners

Pyramid Global Hospitality Chief Operating Officer Eric Habermann retired in April following seven years with the company and a nearly 40-year career in hospitality....

Grand Hyatt Kauai Resort & Spa Launches Scholarship Program

Grand Hyatt Kauai Resort & Spa, a 605-room resort, announced the launch of a scholarship program to support the continued education of its colleagues...

Hilton Surpasses 500 Hotels in Florida

MCLEAN, Virginia, and MIAMI, Florida—Hilton announced a major milestone as the company surpassed 500 open hotels across Florida. This growth was fueled in part...

Hunter Hotel Advisors Brokers Sale of Residence Inn Detroit Novi

ATLANTA, Georgia—Hunter Hotel Advisors (Hunter) announced the successful sale of the 107-key Residence Inn Detroit Novi. Spark GHC purchased the property from an institutional...

PMZ Realty Capital Arranges Loan for Hampton Inn Marysville

PMZ Realty Capital LLC announced that it has secured a $5.3 million loan for the Hampton Inn Marysville, located in Marysville, Ohio. The loan...

LivAway Suites Breaks Ground on New Property in Tucson, Arizona

SALT LAKE CITY, Utah—LivAway Suites announced the groundbreaking of its newest property in Tucson, Arizona, which marks its fourth in the state over the...