The Mumford Co., a hotel real estate brokerage firm based out of Newport News, reported a 35 percent increase in hotel sales in 2011. The company completed the sale of 38 hotel properties, totaling more than 3,600 hotel rooms in 12 states. The sales were spread across 17 brands as well as independents, including Courtyard by Marriott, HamptonInn, Holiday Inn Express, and Super 8.
During 2011, Mumford Co. continued to execute multi-unit disposition efforts on behalf of corporate clients including Supertel Hospitality, Eastern Lodging and Accor.It saw an increase in lender-owned sales, completing eight assignments on behalf of banks and special servicers throughout the year.
On the buyer side of the ledger, Mumford said 2011 was dominated by owner/operators at the lower end of the market and institutional players at the upper end. 2011 also brought an inordinate number of all cash transactions from opportunistic investors. Senior Principal David Mumford said in a statement: “2011’s results were a solid improvement over prior year levels, and we’re anticipating a continuation in this trend in 2012. We enter the year with a significant inventory of hotels for sale from a variety of seller clients and a strong pipeline of properties under contract.“
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