NATIONAL REPORT—There have been some noteworthy transactions this week in the industry, including Noble Investment’s acquisition of a Virginia-based property; Mumford Company’s sale of a Comfort Inn & Suites in Florida; and MCR’s closure of its hospitality fund. Here’s what we found:
Acquired: Westin Reston Heights in Reston, VA
Noble Investment Group has acquired 191-room Westin Reston Heights located in Reston, VA. The hotel will undergo a comprehensive upgrade and renovation to its guestrooms and public areas.
Mumford Company Completes Sale of Comfort Inn & Suites in FL
Mumford Company has completed the sale of the Comfort Inn & Suites Fort Walton Beach, FL. This is the fifth sale in which Mumford Company represented affiliates of Banyan Investment Group and the Chauhan family for asset dispositions. Steve Kirby and Ed James, the firm’s managing principals, acted as advisors on this transaction.
MCR Closes $300M Hospitality Fund
MCR has closed its fund, MCR Hospitality Fund LP. The fund’s capital commitments total $300 million, providing the company with approximately $1 billion in purchasing capacity. The MCR Hospitality Fund LP targets investments in institutional-quality Marriott and Hilton select-service and extended stay hotels throughout the country.
Plum Raises $10M Series B Funding
Plum has raised $10 million Series B financing, led by Las Olas Venture Capital. Based in Fort Lauderdale, FL, Las Olas invests in early stage startups with a primary focus on B2B technology companies solving complex coordination business problems. The latest funding round will support Plum as it continues to expand its Plum for Hotels program throughout the U.S.
The New Nordic Group Invests in Project
The Hong Kong-based New Nordic Group has invested nearly $4.5 million in the development of a luxury hotel project located in Pratumnak Hill, Pattaya, Thailand, which is to be managed by Best Western Hotels & Resorts. The entire development will be isolated within the ‘Auran Marcus Hotel LLC’ which has been formed with the sole purpose of safeguarding investor funds.