Mumford Co. reports first quarter sales
The Mumford Co., a Newport News-based hotel brokerage, expects a sales volume of $70 million for the first quarter. The company said Monday that it already has completed 15 transactions and has four more deals closing in the final week of March, which should produce an aggregate volume of about $70 million.
One of the deals with Beck Co. of Virginia included the sale of a four-property portfolio consisting of three Hampton Inns and a Fairfield Inn, located in Virginia. It sold to American Hotel Income Properties REIT in a deal valued at more than $37 million.
According to Senior Principal David Mumford, “Market conditions for hotel real estate are extremely strong. The combination of robust property level performance fundamentals, tremendous availability of capital and muted supply growth have created a window of opportunity for buyers and sellers alike. Pricing levels are high, yet there is still runway ahead of us in this cycle. ‘’