The Mumford Company Announces Sale of 11 Hotel Properties
NEWPORT NEWS, VA, October 2005. The Mumford Company is pleased to announce that it completed the sale of 11 hotel properties during the 3rd Quarter of 2005. These properties sold in separate transactions represented 1,179 rooms and an aggregate value of over $26 million.
The properties sold during this period included the following:
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Fairfield Inn of Beckley, West Virginia
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Hampton Inn of Louisville, Kentucky
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Hampton Inn of Memphis, Tennessee
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Hotel at Hobby Airport of Houston, Texas
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Comfort Inn of Mt. Airy, North Carolina
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Comfort Inn of Rock Hill, South Carolina
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Days Inn of New Market, Virginia
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Ramada Inn of Kingsport, Tennessee
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Super 8 Motel of Farmville, Virginia
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Super 8 Motel of Martinsville, Virginia
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Village Motor Lodge of Smithfield, North Carolina
In these sales, The Mumford Company represented a diverse group of owners including Equity Inns, BRE-N Inc., Super 8 Motel Developers, several regional multi-property ownership/management groups and an owner operator.
Mike Francis CHA, a Principal with The Mumford Company and located in its Dallas office, comments ... "There's a perfect balance of available funds, cost of funds, visibility of revenue streams and deal opportunities. It really depends upon what tier you're in. If there's a lot of capital floating around in your market, it's a seller's market. If you're in a market where hotels are facing business issues, it may be a buyer's market. If buyer's can have an impact on less-than-investment grade asset they are buying by creating value through operations and branding, then they can get good deals."
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.
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