Mumford Company Completes Sale of Econo Lodge in Richmond VA
Newport News, VA - August 9, 2011 - The Mumford Company represented affiliates of Allen Management in the sale of the Econo Lodge-Midlothian Turnpike in Richmond, Virginia to Shreemai, LLC. This is the 6th transaction that Mumford Company has structured for this seller in the past two years and is part of a multi-unit disposition program.
The purchasers are a regional investment group with significant holdings in the lodging industry in the Mid-Atlantic region. They plan to make renovations to the hotel and retain the Econo Lodge franchise.
The 72-room property is located on the Midlothian Turnpike, which serves as a major Richmond thoroughfare. Nearby demand generators include the Virginia State Police Administrative Headquarters, several Universities and the Johnston Willis Medical Complex.
David Mumford and Justin Pinkard of the company's Newport News office, advised the seller.
Mumford Company is a hotel 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.
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