NEWPORT NEWS, VA— During September, the Mumford Co. arranged seven hotel dispositions within several states. In Asheville, NC, Mumford represented PVC in its sale of the Ramada Inn River Ridge. Five P Mountain, LLC bought the hotel and plans on carrying out cosmetic renovations at the property. Mumford also spoke for Salman Corp. it its sale of the Red Carpet Inn in Lexington, VA. The buyer was an undisclosed regional hotel developer and operator that will maintain the Red Carpet flag following cosmetic property renovations. In Crowley, LA, Zaver Investment sold its La Quinta Inn to SGTB Lodgings. Mumford represented Zaver in the deal. And in Mount Hope, WV, Jay Enterprises, Inc. acquired the Americas Best Value Inn from Mumford client IB Property Holdings LLC. Jay Enterprises will now renovate the property significantly and reposition it with another franchise.
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