The Mumford Company Announces Sale of 9 Hotel Properties
December 2005, Newport News, Virginia -- The Mumford Company is pleased to announce that it completed the sale of 9 hotel properties during the October and November 2005. These properties sold in separate transactions represented 875 rooms and an aggregate value of over $20.5 million.
The properties sold during this period included the following:
-
Best Western of Harrodsburg, Kentucky
-
Best Western Prairie View Inn of Platte City, Missouri
-
Comfort Suites of Memphis, Tennessee
-
Country Hearth Inn of Jackson, Michigan
-
Econo Lodge of Nevada, Missouri
-
Knights Inn of Columbia, South Carolina
-
Microtel Inn of Knoxville, Tennessee
-
Quality Inn & Suites of Hendersonville, North Carolina
-
Ramada Inn of Rochester, New York
In these sales, The Mumford Company represented a diverse group of owners including Thousand Oaks Suites, LLC, Marketplace Realty, Jackson Equity Partners, Essex Partners, Jordan Properties, several regional multi-property ownership/management groups and owner/operators.
According to Steve Kirby, a Principal with The Mumford Company located in its Atlanta office ... "The number of hotel transactions consummated in the third and fourth quarters confirms that the fundamentals of the lodging business are strong. In spite of increasing interest rates, investors and lenders are quite comfortable making long-term commitments to this real estate sector. All lodging segments are yielding solid pricing for sellers, while enabling purchasers to achieve their desired returns on investment. All signs indicate that this positive climate will maintain for the foreseeable future."
With offices in Atlanta, Chicago, Dallas and Newport News, The Mumford Company is the nation's leading broker of mid-market and economy hotels. For more information on the company and its services, please visit our website at www.mumfordcompany.com or contact Ed James at 434-384-8171.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
