Mumford Company revealed details regarding their robust close to 2014 with 37 transactions in 17 states. The firm also shared that their total value of hotels sold in 2014 was the highest since the previous high seen in 2007.
- Grew the Mumford Company staff in 2014 by naming Andrew Smith as sales associate and adding Carl Maxwell as an analyst. Staff growth is expected to continue into 2015.
- Represented Beck Company of Virginia in the sale of a four-property portfolio, consisting of three Hampton Inns and a Fairfield Inn, located in Virginia to American Hotel Income Properties REIT in a transaction valued in excess of $37 million.
- Represented an affiliate of Supertel Hospitality in the sale of the Super 8 of Moberly, Missouri. This was the 50th disposition in which Mumford Company has represented Supertel, in a relationship that has spanned several decades.
- Represented Blue Ridge Hospitality in a lender-owned sale of a select-service hotel in Knoxville, Tenn., that closed in only 76 days from listing.
- Represented an affiliate of Banyan Investment Group in the sale of the Country Inn & Suites of Lithia Springs, Ga.
“In 2015, we will see a continuation of the solid improvement in property level operating results realized in the last few years. Occupancy, ADR and RevPAR growth continue on a relatively consistent path as industry fundamentals remain strong and new supply additions remain modest,” said firm principal Ed James. “Acquisition funding for hotels will remain readily available through the year further enabling the transaction flow. New supply additions have been low in recent years and the hospitality industry has recovered faster as a result.”
“In terms of future plans, Mumford’s goal has always been to provide superior brokerage services to the hospitality community and that will not change in 2015. However, this year we are trying to increase our productivity and magnify our marketing reach through the use of technology and social media,” said principal Steve Kirby. “We also plan to continue to add to our sales force andas our transaction volume increases through the year, we will be looking at new markets where we could benefit from additional local or regional representation. Targets for expansion may include the Northeast, Midwest and Southwest United States.”