NEWPORT NEWS, VA— Mumford Company, a full-service hospitality brokerage advisory firm, closed 10 individual transactions in the last 60 days representing a broad range of property types from the Hilton, Choice, Wyndham and Motel 6 brands primarily in the southeastern and southcentral U.S.
“Transaction volume has continued at a brisk pace starting in early January, and we anticipate an active transaction market for the remainder of 2019,” said Steve Kirby, managing principal, Mumford Company. “We are seeing deals at all levels of the market and all product types and despite some operational challenges, including a persistent labor shortage, believe it is a good time to be on either side of the transaction.”
Ed James, managing principal, added, “Transaction volume in 2019 is pacing ahead of the past few years, and we expect it to continue through the end of the year and into early 2020. We are continuing to see strong demand for hotel acquisitions. While the pace of growth may have slowed a bit, property level operating results remain strong in many of our markets and buyers continue to see upside in the short and medium term.”