Newport News, Va. — Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced that the firm completed a record year in 2019, producing the highest dollar volume of hotel sales in the company’s history.
“2019 was a record-breaking year with a dramatic increase in both dollar volume and overall transaction activity,” said Ed James, managing principal, Mumford Company. “We attribute our success to an exceptionally strong start to 2019 with transaction pace maintaining steadily throughout the entire year. Pricing remained at cyclical highs throughout the year with a persistent shortage of assets on the market, which kept demand exceptionally high.”
Some of the transactions from 2019 included: the 200-room Fenwick Inn in Ocean City, Md.; the 85-room Fairfield Inn & Suites by Marriott in Winchester, Va.; the 68-room Holiday Inn Express Morgantown in Morgantown, W.Va.; the 141-room Best Western at O’Hare in Rosemont, Ill.; and the 122-room Hampton Inn Charlottesville in Charlottesville, Va.
“Mumford Company continues to focus on the mid-market-focused service brands which drove most of our transactions in 2019 and continues to be a very active sector in the market,” said Steve Kirby, managing principal, Mumford Company. “We continue to represent a variety of sellers on all brands and independent properties to ensure they are able to execute the best outcome for their individual properties and overall portfolio.”