Mumford Company Completes 33 Hotel Transactions During a Challenging 2009
NEWPORT NEWS, VA - In a year that most will agree was the most challenging in the history of the lodging industry, Mumford Company is pleased to have completed 33 hotel transactions in 17 states across the country during 2009. The majority of these transactions involved select service assets in the economy and mid-market segments with financing provided by local/regional banks and SBA lenders. In another positive note, the company also reports that it starts 2010 with a solid deal pipeline of 15 properties under contract or letter of intent.
According to Senior Principal, David Mumford the transactions market for 2010 should mirror 2009, particularly during the first half of the year. “We expect market conditions to continue to be challenging at least for the first half of 2010, as property level operating results have suffered over the past year, financing sources continue to be increasingly selective and stringent and buyers' confidence remains tenuous. We are hopeful that over the course of 2010, we'll see a leveling of operating results and increased confidence from both the buyer and lender communities, resulting in a more active marketplace” states Mumford.
Mumford Company's commitment to results-oriented customer service has yielded outstanding client results for over 32 years. With its' experienced sales team in four regional offices across the country, Mumford Company is a leader in the sale of mid-market and economy hotels. For more information contact Mumford Company at (757) 873-0962.
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