MORGANTOWN, WV—Mumford Company has completed the recent sale of the Residence Inn here to an investment group led by McNeill Morgantown, LLC.
“This is the sixth strategic disposition transaction that Mumford has facilitated on behalf of affiliates of Virginia Inn Management over a long, successful relationship,” said David Mumford, senior principal, Mumford Company, who negotiated the transaction on behalf of the seller. “The purchasers have acquired an award-winning hotel that produces outstanding operating results. They plan to complete a minor cosmetic PIP and continue to be a market leader in this strong university/medical region.”
Mumford, senior principal for Mumford Company’s Newport News office, negotiated the transaction on behalf of the seller.
Situated across from West Virginia University’s Robert C. Byrd Health Sciences Center and Mylan Puskar Stadium, the Residence Inn is strategically located near the largest demand generators in the Morgantown market, according to Mumford Company. The four-story, interior corridor facility was built in 2006 and consists of 104 guestrooms, hot breakfast area, meeting space, business center, fitness center and a heated indoor pool.