NEWPORT NEWS, VA The Mumford Co. is starting off 2001 by facilitating considerable transaction activity in the mid-market and economy hotel sectors.
This past January, the national hotel brokerage company handled a pair of property transactions showing a combined aggregate value of $5.55 million. In the larger of the two deals, the 123-room Hampton Inn Kinston, NC, was sold by Shaner Hotel Group LP to Redco Properties LLC for $3.3 million.
In the second transaction, the 162-room Red Carpet Inn in Belle Meade Harrisonburg, VA, was acquired by MARJAN from Tucker Highway Motor Lodge for a price of $2.25 million. Ed James was involved in arranging both deals, with David Mumford working alongside him on the larger of the two transactions.
For calendar year 2000, The Mumford Co. completed 35 lodging property transactions in 12 states a pace marginally ahead of the firm s activity level of 1999. (2/22/01)