Shri Hari Krupa has sold the Holiday Inn Express in Murphy, N.C., to Mountain HIEX, an affiliate of a North Carolina-based owner/operator group. Mountain HIEX plans to complete the Formula Blue Product Improvement Plan and continue to operate the hotel as a Holiday Inn Express.
“Completing the Formula Blue PIP and retaining current management will assist in making sure the property continues to see future growth in operational performance metrics," Pinkard said in a statement. "The purchasers are excited to complete the property’s transformation and we wish them much success with the project.”
Mumford Company represented Shri Hari Krupa in the sale. Burton Brooks, principal in Mumford Company's Georgia office, and Justin Pinkard, principal in the firm’s Washington D.C. office, worked to close the transaction.