Mumford Company Structures Sale of Comfort Suites in Prestonsburg, KY
Newport News, VA - October 5, 2011 - The Mumford Company was pleased to represent Prestonsburg Hotel Company, LLC in the recent sale of the Comfort Suites of Prestonsburg, Kentucky to Premier Hospitality, LLC. This was the second transaction that Mumford Company has structured between affiliates of these two parties in the past year and the 10th property sale that Mumford has handled on behalf of this selling group.
According to Steve Kirby, "this was a difficult deal to structure; due to a very complicated securitized loan with significant hurdles to be overcome prior to approval. Substantial cash infusions were required, as the loan covenants would not allow additional debt to be recorded against the asset. The seller and buyer groups worked together for final deal consummation". The purchasers plan to make cosmetic renovations to the 70 suite, 3-story, hotel and continue its' strong operating performance.
The property has great visibility for transient travelers. Additionally it is well situated to demand generators such as the Jenny Wiley State Park & Theatre as well as the Thunder Ridge Racing & Entertainment Complex. The property also enjoys a high barrier to entry into the market by possible future competitors.
David Mumford and Ed James with the company's Newport News office and Steve Kirby with the firm's Atlanta, Georgia 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.
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 
