Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced the completion of the sale of the Comfort Suites Newport, Ky. This is the third hotel disposition Steve Kirby and Ed James, principals of Mumford Company, have represented the seller, an entity owned by Musselman Hotels.
The six-story property consists of 124 guestrooms, breakfast area, meeting space, business center, guest laundry and a fitness center. Located on the banks Ohio River and adjacent to Newport on the Levee Entertainment District. The hotel has excellent proximity to numerous demand generators in the Cincinnati Metro Market area including the Newport Aquarium, Great American Ball Park, Paul Brown Stadium and the University of Cincinnati.
“By working on selling this off market project with both the seller and buyer in this transaction, Mumford Company was able to structure a fee simple deal and a long-term land lease with the city of Newport,” stated Steve Kirby, principal, Mumford Company.
Atlanta-based Banyan Investment Group purchased the property and plans on renovating and reconfiguring the property to take full advantage of all the Comfort Suites brand has to offer.