Nearly finished hotel in Orange County sells for $2.85 million
- September 12, 2011
The Mumford Co. represented Virginia Community Bank in the recent sale of a hotel under construction in Orange County, just north of Charlottesville. Pam and Tim Collins (Collico LLC) of Montoursville, Pa., bought the hotel for $2.8 million. Constructed in 2010, it was not fully completed prior to takeover by the bank. According to Mumford’s Newport News office, the buyers are in the process of finalizing construction and furnishing the facility, so they can open the property this fall.
The 58-room project was originally planned as a Best Western. However, it will be franchised by Choice Hotels International and opened as a Comfort Inn & Suites. The property is close to several wineries and historic destinations such as Montpelier, the home of President James Madison. David Mumford and Ed James in Mumford’s Newport News office advised the seller in the structuring of the deal.