Mumford Announces Sale Of 10 Properties In 1Q

NEWPORT NEWS, VA— The Mumford Co. announced the sale of 10 hotel properties for the first quarter of 2003. The properties, which were sold in separate transactions, had an aggregate value of $22,450,000. Several of the hotels were sold in less than six months from the date of listing, and represented the second or third property sold by The Mumford Co. for a particular seller. The transactions are as follows: the 90-room Best Inn-Dalton, GA , which was sold by Beal Bank SSB and GBE Acquisitions to Sarleena Enterprises for $2,800,000; the 40-room Country Hearth Inn-Caruthersville, MO, which was sold by BLM-RH (Buckhead America) to Rajiv Johar for $1,050,000; the 155-room Comfort Inn – Oxmoor-Birmingham, AL, which was sold by Branch Banking and Trust Company to Shreenath, LLC for $2,000,000; the 83-room Best Inn-Effingham, IL, which was sold by Beal Bank SSB and GBE Acquisitions to US Hospitality, Inc. for $1,725,000; the 75-room Hampton Inn-Georgetown, KY, which was sold by Elkhorn Operating, Inc. to Dornoch Development, LLC for $3,850,000; the 68-room Linden Row Inn-Richmond, VA, which was sold by Linden Row Hotel Associates, LLC to Silver Linden Properties, LLC for $2,500,000; the 88-room Best Inn-Waukegan, IL, which was sold by Beal Bank SSB and GBE Acquisitions to NB Financial, Inc. for $2,325,000; the 130-room Hampton Inn–Oxford, AL, which was sold by Woodside Investments, LLC to Oxford Hospitality Enterprises, Inc. for $4,000,000; the 40-room Country Hearth Inn-Madison, IN, which was sold by BLM-RH (Buckhead America) to Madhav, Inc. for $1,150,000; and the 40-room Country Hearth Inn-Lebanon, KY, which was sold by BLM-RH (Buckhead America) to Ganapati R. Bhat for $1,050,000.