Mumford Company announced today that it has achieved record sales results in the 1st quarter of 2014. To date, the firm has completed 15 transactions in the quarter, has 4 additional deals slated for closing in the final week of March and expects aggregate volume of approximately $70 million.
• Represented Beck Company of Virginia in the sale of a 4 property portfolio, consisting of 3 Hampton Inns and a Fairfield Inn, located in Virginia to American Hotel Income Properties REIT in a transaction valued in excess of $37 million.
• Represented a leading international real estate finance organization in the sale of the Holiday Inn Express of Phenix City, Alabama to leading local operator, Ram Hotels.
• Represented an affiliate of Banyan Investment Group in the sale of the Country Inn & Suites of Lithia Springs, Georgia.
• Advised an affiliate of a publicly traded company in the sale of the Ramada Inn of Cumberland, Maryland
• On behalf of CenterState Bank of Florida, completed the sale of 2 economy branded hotels located in the airport sub-market of Jacksonville, Florida at prices above seller expectations and, in both cases, in less than 3 months.
“Market conditions for hotel real estate are extremely strong”, according to Senior Principal David Mumford. “The combination of robust property level performance fundamentals, tremendous availability of capital and muted supply growth have created a window of opportunity for buyers and sellers alike. Pricing levels are high, yet there is still runway ahead of us in this cycle.” Principal Steve Kirby concurs. “We’re seeing dozens of bidders on the majority of our disposition assignments, with many yielding pricing at or near the ask. Yet, the buyers on
For Immediate Release
these assets are pleased with the transaction and see opportunity for further performance improvements.” “We see nothing in the near term to suggest that market conditions will do anything but improve”, states firm Principal Ed James. “Given that RevPAR projections call for solid growth levels, supply additions are projected to be below historic averages and the Fed is being measured in its’ monetary policy moves, we believe that the cyclical upswing on a macro level will continue through 2017.”
About Mumford Company
With over 50 transactions completed in the past 12 months and a 36+ year history of results-oriented real estate service to the industry, Mumford Company is a proven leader in the hotel brokerage business. For more information or to put the Mumford Company team to work for you, please contact Mumford at 757-873-0962, or e-mail us at email@example.com