Mumford Company has arranged the sale of the Super 8 and 10th Street Apartments in Sioux Falls, South Dakota, on behalf of 10th Street Lodging Limited. The purchaser, Yogi Holdings, Inc. located in South Dakota, plans extensive renovations to upgrade both hotels and will retain the Super 8 franchise. Acquisition financing was provided by a local bank. The 56-room Super 8 and 28-unit apartment hotel were sold for an undisclosed amount.
Lance Potter, Vice President in the firm’s Chicago, Illinois office, negotiated the transaction on behalf of the seller. According to Lance Potter, “the hotel and extended stay oriented apartments represented an excellent value in a growing market, right off I-229 and minutes away from downtown Sioux Falls.” This was the first sale in South Dakota for Mumford Company.
One of America’s crossroad cities, Sioux Falls lies at the junction of Interstates 29 and 90. The property is situated at the intersection of Interstate 229 and 10th Street. Sioux Falls is the largest metropolitan area between Minneapolis, Minnesota and Denver, Colorado. Home to 228,261 people, it draws from a market that extends across four states.
Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 875 completed transactions in its 35-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.