Lender Sells NC Express Inn Despite Property’s Condition

GASTONIA, NC— The Express Inn has been acquired here by an undisclosed buyer in a Mumford Co.-brokered transaction. The seller in the deal was an unnamed lender that had previously taken control of the asset. The purchaser, a lodging and multifamily property operator, found value in acquiring the hotel, which was in disrepair, and repositioning it into a full-service hotel through significant renovations. The buyer also plans on redeveloping the five acres the hotel rests upon.