Newport News, Va. — Mumford Company closed 10 transactions in the last several weeks, continuing the robust activity seen so far this year. Several of the deals include the Sheraton Chapel Hill Hotel in North Carolina, Candlewood Suites in Maryland, and the Holiday Inn Express Williamsburg Busch Gardens Area in Virginia.
“While there have been considerable new supply additions in these markets, property-level operations results remain strong due to the underlying strength and fundamentals of this economy,” said Ed James, managing principal, Mumford Company. “Buyers are still able to find properties that will benefit from renovations, repositions, and improved management and sales techniques to meet their investment objectives.”
“The buy side demand remains very positive due to low interest rates and solid debt funding availability,” said Steve Kirby, managing principal, Mumford Company. “While some markets are still absorbing new supply, the near and midterm prognosis remains favorable for transactions. Both sellers and buyers can find opportunities in the current environment.”
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