Newport News, VIRGINIA - Mumford Company is pleased to announce that it completed the sale of 16 hotel properties in 10 states across the country during the first half of 2009 with the assistance of the company’s offices in Georgia, Illinois, and Texas. These properties were affiliated with a variety of brands within the select service sector and were most frequently financed by local and regional banks. While these first half results are not as robust as prior years, Mumford Company is expecting a continued, gradual increase in transaction activity, based upon its’ second quarter results and current deal pipeline.
Ed James, a principal in the firm's Virginia office states, "We are seeing properties move in the lower end of the mid-market, limited-service space. While credit markets remain tight, local and regional banks are still financing these transactions for experienced buyers. " According to James "the worst of the downturn is behind us and savvy buyers should start to see more opportunities in acquisitions moving forward".
With over 30 years of experience in Hotel Brokerage, Mumford Company’s commitment to results-oriented customer service has yielded outstanding client results year after year. As a specialist in mid-market assets, Mumford Company has structured the sale of hundreds of hotels in the past five years alone, representing a wide array of owners and investors. For more information or to view current listings, please visit www.mumfordcompany.com or contact (757) 873-0962.