NEWPORT NEWS, Virginia—Mumford Company announced the recent sale of the Hilton Garden Inn Tupelo, Mississippi. This transaction was facilitated for an affiliate of Peachtree Hotel Group. This was the second transaction by Mumford on behalf of PHG in recent years. The deal required buyer assumption of a CMBS loan.
The purchaser was 363 Tupelo, LLC, an affiliate Aurora Capital, Brewer Realty, and LRC2 Properties, each a multi-property owner with hospitality holdings. The Hilton Garden Inn Tupelo, Mississippi, will be operated by LRC2 Management, LLC, a regional operator with experience in upscale and boutique hotels. The new owners plan renovations and will continue to operate as a Hilton Garden Inn.
Steve Kirby, Mumford’s managing principal in Atlanta, and Ed James, managing principal in Newport News, represented the seller in the transaction. Kirby said, “This deal was complicated by the significant hurdles of assuming a CMBS loan. Without the perseverance and cooperation of experienced parties on both sides of the transaction, it would not have happened. It is always a pleasure when you have professionals involved.”