NEWPORT NEWS, Virginia—Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced it completed three quarters of sales transactions in 2022.
“We are still seeing a strong demand for acquisitions, especially in the mid-market focused service and extended stay segments,” said Ed James, managing principal, Mumford Company. “Buyers are taking a closer look however at short- and medium-term revenue forecasts and rethinking pricing metrics as a result of recently increased economic uncertainty. Owners are now reevaluating properties not necessarily aligned with long-term growth strategies and considering bringing them to market despite these headwinds.”
Some of their recent transactions include:
- 100-room Courtyard by Marriott Columbia-Cayce located in Cayce, South Carolina
- 59-room Candlewood Suites located in Hopewell, Virginia
- 60-room Red Roof Inn & Suites located in Biloxi, Mississippi
- 67-room Best Western located in Kilmarnock, Virginia
- 56-room Super 8 located in Norton, Virginia
- 71-room Sleep Inn & Suites located in Gulfport, Mississippi
“We are bullish on the remainder of 2022 and have numerous properties under contracts right now with closing anticipated in the next few months,” said Steve Kirby, managing principal, Mumford Company. “While interest rates have risen over the last year, they remain at low levels compared to prior periods. More importantly, the increased interest rates have not decreased interest in hospitality property acquisitions. Opportunities should continue to surface for those interested in acquiring a hotel.”
