Mumford Company Closes 13 Hotel Deals in Q3 2013
Monday October 14th, 2013 - 12:06PM EF
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NEWPORT NEWS, VA—Mumford Company has closed 13 transactions in the third quarter, bringing the firm’s year-to-date transaction total to 32 closings in 13 states.
These properties were from many brand families as well as several independents.
Steve Kirby, principal in the firm’s Atlanta office, said in a statement, “Positive operating results at the property level continue to drive buyer interest in the lodging real estate. Equity and debt are consistently flowing into the segment in virtually all asset classes. Now is a great time for owners who weathered the storm to capitalize on their efforts via sale of existing properties in favor of new development or other capital reallocation.”
Tags: Mumford Company • Q3 2013 • transactions • Hospitality • Acquisitions • Brokers •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.