NEWPORT NEWS, VA— Now that year-end 2001 as well as early 2002 figures are in, the Mumford Co. reported that last year was “another banner year in sales results,” and the national brokerage organization similarly claimed to be “off to a bullish start” this year. As noted by President David Mumford: “2001 was a solid sales year in the economy and mid-market segments, with institutions and multi-unit owners as sellers and entrepreneurial owner/operators active as buyers.” He added that “while all of our associates enjoyed productive years in 2001, Steve Albis— a 13-year veteran of our firm— led the way with involvement in 17 transactions in 2001.” Rod Sibley, managing partner in the firms Atlanta office, agreed that “activity in these [aforementioned]segments remains brisk and we expect to sell at least one hotel per week in 2002. We are off to a bullish start with 22 properties currently under contract or letter of intent,” he said, explaining that investors seem to be “seizing the opportunity to acquire properties at below replacement cost, while capital costs remain at historic lows.”