Mumford Completes Ten Hotel Transactions in 12 Weeks
Newport News, VA - April 7, 2011 - Mumford Company announced today that it had completed 10 hotel transactions in the first quarter of 2010. Brands represented included Best Western, Econo Lodge, Holiday Inn Express, Motel 6, Super 8 and several independent properties. These results clearly demonstrate that market conditions for hospitality real estate are improving and are a significant improvement over the firm's results for the same period of 2010.
The bulks of the transactions have been in the mid-market and economy sectors and have been financed by SBA lenders or transacted on an all cash basis. Ed James, a Principal with Mumford, states, “Transaction volume has clearly increased in early 2011 as property level results improve across the country. Buyers and lenders alike are seeing more blue sky ahead and are trying to capitalize on relatively low pricing levels for hospitality real estate.”
In addition to institutional sales of under-performing assets, foreclosures, or other distress based transactions, Mumford Company is seeing some discretionary selling now returning to the market. Sellers who have been unable to prune portfolios as planned over the past 24 months are now seeing the opportunity to do so arise. “James adds,” while there are certainly some challenges still to come in this recovery, the bottom of the market cycle is clearly behind us and all indications are that this recovery will continue to gain strength.”
Mumford Company is a hotel specific real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 800 completed transactions in its 33 year history. 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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