Mumford completes sale of Virginia Candlewood Suites

Mumford Company represented a national loan servicing organization in the recent sale of the Candlewood Suites of Yorktown, Va., to Shantinath CW LLC, which plans to make extensive renovations to the hotel and retain the Candlewood Suites franchise affiliation.

David Mumford, senior principal of Mumford Company’s Newport News office, Ed James, principal also of the firm’s Newport News office, along with Steve Kirby, principal in Mumford Company’s Atlanta office, assisted the seller in completing this transaction.

"This property was very well received by the market when listed. Due to a solid location in an improving submarket, it moved quickly to contract and ultimately closing with a strong regional buyer," said James.

The 59-room hotel was built in 2002 and is located to serve a myriad of lodging demand generators on the Virginia Peninsula. The property has a three-story interior corridor design.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.