Mumford Company Announces Strong Mid-year Numbers for 2011
Newport News, VA - July 13, 2011 - Mumford Company announced today that it has completed 21 transactions representing over 2200 hotel rooms thus far in 2011. This much improved transaction volume included hotels in 7 states and a wide variety of buyers and sellers.
Brands represented included Radisson, Courtyard, Best Western, Econo Lodge, Holiday Inn Express, Motel 6, Super 8 and several independents. These results are a significant improvement over the firm's results for the same period of 2010 and demonstrate a stronger market for hospitality real estate.
The Courtyard by Marriott of Yorktown, Virginia and the Radisson hotel in New London, Connecticut represented a shift in buyer sentiment as these upper mid-scale properties brought industry sideliners to the table once again.
The bulk of the transactions continue to be mid-market and economy sectors which are financed by a variety of lending sources or private capital. Steve Kirby, an Atlanta based Principal of Mumford Company states “While financing remains the biggest hurdle for our transactions today, lenders and buyers are seeing improvement of property level operating results for the first time in three years. This improvement is the cornerstone of the recovery.”
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. For certain type assets, the current environment allows for maximization on pricing that may not be realized in the future. This is particularly true at the trophy level and for budget oriented properties.
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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
