Mumford Company Completes 25th Closing of 2011 in Kinston, NC
Newport News, VA- August 15, 2011 - Mumford Company was proud to represent Neuse Hospitality, LLC in the sale of the Hampton Inn of Kinston, North Carolina to LRP Hotels of Carolina,LLC. The Seller is a well-established local real estate developer primarily involved in the restaurant business in eastern North Carolina. They initially purchased the property through Mumford Company in 2001.
The purchaser was LRP Hotels of Carolina, LLC , a regional developer and operator of hotels throughout North Carolina and another long-term customer of Mumford Company . The 122- unit facility will undergo extensive renovations and continue to operate as a Hampton Inn.
Ed James of the company's Newport News office and Steve Kirby of the Atlanta, Georgia office, advised the seller in the structuring of the deal.
Ed James states, “This is a market leading property in a solid eastern NC community with a positive revenue trend and a great flag. This transaction clearly demonstrates that deals that are strong on fundamentals can be accomplished quickly even in the current uncertain financing environment”
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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