The Mumford Company Announces Sale of 9 Hotel Properties
NEWPORT NEWS, VA, December 9, 2005. 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 !K !SSThe 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.!"
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