Mumford Company Closes 34th Transaction with Virginia Beach, VA Econo Lodge Brokerage
Newport News, VA - November 22, 2011 - The Mumford Company was pleased to once again represent affiliates of Allen Management in the sale of the Econo Lodge in Virginia Beach, Virginia to Shiv Shreya, LLC for an undisclosed price. This is the 8th hotel transaction that Mumford has facilitated on behalf of Allen Management affiliates in the past 2 years.
The purchasers own other hospitality properties in the North Carolina market, but this is their first acquisition in Virginia. They plan to make cosmetic renovations to the hotel and retain the Econo Lodge franchise.
Situated near Virginia Beach Town Center, with solid visibility from Interstate 264, the 53-room hotel is located just miles from the Virginia Beach Pavilion & Virginia Beach Convention Center as well as the Virginia Beach Boardwalk and Oceanfront. It is located in the most populous city in Virginia, and home to more than 1.6 million people, making it the 38 largest MSA in the United States and the second largest between Washington, DC and Atlanta, Georgia. Hampton Roads encompasses the single, largest military concentration, with area installations creating demand for the hotel.
David Mumford and Justin Pinkard with the company's Newport News 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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