The Mumford Company Announces Sale of 3 Hotel Properties
NEWPORT NEWS, VA, March 23, 2006. The Mumford Company is pleased to announce that it recently completed the sale of three hotel properties. These properties sold in separate transactions represented 435 rooms and an aggregate value of over $16.2 million.
The properties sold during this period included the following:
-- Holiday Inn Orlando of Altamonte Springs, Florida - The Mumford Company is pleased to have represented BRN-Inc in the sale of the 263 room Holiday Inn, Altamonte Springs, Florida, to Citi Hospitality. The property will remain a Holiday Inn following modest renovations. This is the 12th hotel The Mumford Company has sold on behalf of BRN-Inc.
-- Best Western Atlanta South of Stockbridge, Georgia - The Mumford Company is pleased to announce the sale of the 116 room Best Western of Stockbridge, Georgia. The subject property is a full service facility, featuring a leased restaurant, lounge, meeting facilities and outdoor pool. The seller was a local, multi-property owner and the purchaser was also an Atlanta based regional owner/operator. The property will remain a Best Western with limited renovations required.
-- Super 8 of Boone, Iowa - The Mumford Company completed the sale of the 56 room Super 8 of Boone Iowa to Midtown Hospitality LLC, on behalf of Boone Super 8 Motel LLC. The hotel will remain in the Super 8 system.
According to Steve Kirby, a Principal with The Mumford Company located in its Atlanta office, "The lodging industry's vital signs indicate that property level profitability will be robust again this year. In addition, the majority of lodging analysts suggest that the near and long-term outlook is bright for investors and operators. Brokerage activity is anticipated to maintain a brisk pace throughout 2006 and 2007 due to a solid availability of both debt and equity funding. Sellers will continue disposition of non-core assets while entrepreneurial investors will actively be seeking properties that can be operated more efficiently."
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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