Mumford Company Completes Sale of Candlewood Suites Yorktown
Friday December 20th, 2013 - 2:04PM E
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YORKTOWN, VA—Shantinath CW LLC recently acquired Candlewood Suites of Yorktown for an undisclosed amount, according to Mumford Company, which represented a national loan servicing organization.
The principals of Shantinath have hotel holdings in Virginia and have purchased five hotels through Mumford over the last several years. They plan to make extensive renovations to the hotel and retain the Candlewood Suites franchise affiliation.
Ed James, principal also of Mumford Company’s Newport News office, stated, “This property was very well received by the market when listed. Due to a solid location in an improving submarket, it moved quickly to contract and ultimately closing with a strong regional buyer.”
This 59-room hotel was built in 2002 and is strategically located to serve a myriad of lodging demand generators on the Virginia Peninsula. The property has a three-story interior corridor design and has amenities such as the Candlewood Cupboard, a business center, meeting room, recreational courtyard and outdoor pool.
Tags: Mumford Company • Hospitality • Acquisitions •
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.