Mumford Brokers First Transaction of 2011 - Holiday Inn Express in Newell, WV
Newport News, VA - January 10, 2011 - The Mumford Company was pleased to recently represent Mountaineer Lodging, LLC in the sale of the Holiday Inn Express of Newell, West Virginia to Beacon Hospitality, LLC.
This was the first transaction in which Mumford Company represented the selling principals and the second hotel in West Virginia that Mumford Company has sold to the principals of the purchasing entity, Beacon Hospitality.
The Holiday Inn Express is a strong performing asset and the purchasers plan to make minor cosmetic renovations to the hotel. The acquisition was funded via Quadrant Financial utilizing the USDA's B & I loan program.
Built in 2005 this 69 room, 3-story, property has a dominant competitive positioning within the Newell market. The hotel is located minutes from The Mountaineer Casino and Race Track and a short drive to Tomlinson Run State Park. Located in West Virginia's northern panhandle, Newell is near to both Pennsylvania and Ohio, with Pittsburgh International Airport just 25 miles away.
David Mumford, Ed James and Justin Pinkard with the Mumford Company's Newport News, Virginia office represented the seller.
Mumford Company's commitment to results-oriented customer service has yielded outstanding client results for over 33 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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