Mumford Company Negotiates Sale of Super 8 in Richmond, VA
On-going multi-unit disposition
Newport News, VA - September 19, 2011 - Mumford Company was pleased to once again represent Eastern Lodging, Inc. in the sale of the Super 8 Motel located on Chamberlayne Avenue in Richmond, Virginia to Santoshi Hotels, LLC. This is the 19th property that Mumford has sold on behalf of this seller and is part of an on-going, multi-unit disposition program.
The purchasers are from New Jersey, plan to renovate the hotel and retain the Super 8 franchise affiliation. Financing was provided by PMC Capital.
The 3 story, interior corridor property has 57 rooms and is located just off Interstate 95. Strategically located just minutes from downtown Richmond, the Financial District, the State Capitol of Virginia and the Richmond International Raceway Complex, the Super 8 enjoys business from all of these demand sources.
David Mumford and Justin Pinkard with the company's Newport News office and Lance Potter with the firms' Chicago, Illinois office advised the seller in the structuring of the deal.
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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