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.”