Mumford Company is pleased to announce the sale of the Microtel Inn & Suites of Hoover, Alabama, an upscale suburb of Birmingham. The seller was a Birmingham based developer and owner of a variety of real estate projects. The purchaser, a Tennessee, owner operator group plans cosmetic renovations and will continue operations under the Microtel flag. Buyer interest was significant, generating numerous offers and the transaction took less than 5 months from listing to closing.
Steve Kirby, Principal in Mumford Company’s Atlanta office and Justin Pinkard of Mumford Company’s Washington DC office negotiated the transaction on behalf of the seller. According to Kirby, “transaction activity is on the increase from second half 2012 and continuing into the new year. Buyer and lender interest indicate that 2013 should yield higher selling prices and draw more properties into the marketplace.”
Well located in a corporate business park environment, the property is situated off John Hawkins Parkway in the vicinity of Riverchase Galleria. Close to regional demand generators that include AT&T Corporate Training Center, Blue Cross/Blue Shield Corporate Center and Verizon Wireless Music Center.
Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 850 completed transactions in its 34-year history. With its' experienced sales team in five regional offices across the country, including the company's newly opened Washington DC office, Mumford Company is a leader in the sale of mid-market and economy hotels. For more information contact Mumford Company at (757) 873-0962.