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 •
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.