Mumford Co. completes 43 hotel transactions in 2013
The Mumford Co., a hotel real estate brokerage firm based in Newport News, reported a strong year in 2013, with the company closing 43 hotel transactions in 14 states. It said in a news release that 11 sales in December propelled the company to its fourth year of increased sales.
The company also reports that this year begins with 20 properties in its deal pipeline that are under contract or have a letter of intent to be sold.
The 2013 results came in spite of a partial government shutdown last fall that temporarily froze the Small Business Administration- and USDA-backed loan programs, which can affect hotel financing.
Mumford’s Senior Principal David Mumford said in a statement that “equity and debt capital for hospitality assets continues to be abundant, and the impact of new construction starts in recent years will not be felt for several years to come. Industry fundamentals are very solid, and it’s a great time to be involved in lodging real estate.”
Mumford Co. has five regional offices across the country, including its newly opened Washington D.C. office. It focuses on the sale of mid-market and economy hotels.