Best Western in Savannah, GA, Sold by First Florence Corporation
Thursday July 24th, 2014 - 1:03PM F
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NEWPORT NEWS, VA—Mumford Company represented First Florence Corporation in the sale of the Best Western, located in Savannah, GA, to Double S Hotel Ventures Savannah, LLC.
The purchasers intend to complete renovations and will continue to operate the hotel as a Best Western.
Ed James, principal at Mumford Company’s office here, with Steve Kirby, principal at the firm’s Atlanta office, and Justin Pinkard, VP at the firm’s Washington, DC office, represented the seller.
“This transaction continues the disposition plan for non-core hospitality assets for the seller,” stated James. “The purchaser was able to complete its first hotel acquisition in the highly desirable Savannah, Georgia, market at a price well below replacement cost with plenty of upside potential through renovations and management enhancements.”
The two-story, 120-key hotel, built in 1971, offers continental breakfast, meeting space, a business center and recreational courtyard with pool.
Tags: Best Western • Savannah • Georgia • Mumford Company • Ed James • Hospitality • Brokers •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.