NEWPORT NEWS, VA—Mumford Company represented First Florence Corporation in the sale of the Best Western, located in Savannah, GA, to Double S Hotel Ventures Savannah, LLC.
The purchasers intend to complete renovations and will continue to operate the hotel as a Best Western.
Ed James, principal at Mumford Company’s office here, with Steve Kirby, principal at the firm’s Atlanta office, and Justin Pinkard, VP at the firm’s Washington, DC office, represented the seller.
“This transaction continues the disposition plan for non-core hospitality assets for the seller,” stated James. “The purchaser was able to complete its first hotel acquisition in the highly desirable Savannah, Georgia, market at a price well below replacement cost with plenty of upside potential through renovations and management enhancements.”
The two-story, 120-key hotel, built in 1971, offers continental breakfast, meeting space, a business center and recreational courtyard with pool.