The Best Western Plus Governor’s Inn in Richmond, Va., has been sold in a deal facilitated by Mumford Co.
The hotel was sold by a regional hotel ownership group, which has streamlined its hospitality portfolio to focus on higher-end lodging assets and upscale hotel investments. The buyers—a local investment partnership entering the hospitality industry—plan to complete significant renovations while maintaining the Best Western Plus brand affiliation.
Mumford Co.’s hospitality brokerage team, led by Justin Pinkard, managing principal, and vp Carter Willcox, oversaw the transaction from marketing through closing.
“This hotel sale is a testament to the patience, persistence and unwavering commitment demonstrated by both the buyer and seller throughout the transaction process,” Pinkard said in a statement. “In today’s economic environment, complex hotel deals require strategic collaboration, market expertise and a shared vision for the asset’s long-term growth potential.”