NEWPORT NEWS, Virginia—Mumford Company completed the sale of two limited-service hotels in Virginia’s Shenandoah Valley. In two separate transactions, Mumford Company represented Dominion Lodging, Inc, in the sale of the Sleep Inn of Staunton, Virginia, to HWY81 Hotel, LLC, and the nearby Best Western of Staunton to North Star BW Staunton, LLC. Both purchasers are regional hotel owners and operators with portfolios across the mid-Atlantic region. Each property will retain its current brand affiliation after undergoing renovations. Ed James and Steve Kirby, Mumford Company managing principals, represented the seller in both transactions.
“Mumford Company was the right choice for these dispositions,” said Dave Anderson, co-president, Dominion Lodging. “Ed James, Steve Kirby, and the entire team at Mumford did a great job of exposing our properties to the right buyers while keeping our operations free of the disruption that can often accompany the hotel sale effort. They were on top of each step of the process and guided each transaction to and past the closing table.”
“It is always rewarding to help structure true ‘win-win’ transactions, and that is what we were able to accomplish here,” said Ed James, managing principal, Mumford Company. “Both hotels were at the end of franchise license terms, and new ownership will be able to effectively carry them forward, allowing the seller to redeploy the proceeds into other ventures.”
