Record Transaction Volume Rewarded Mumford Company
Closing transactions in over 20 states, the Mumford Company today announced record sales volume in 2006. Averaging a hotel sale each week, the company set records for aggregate sales and average deal size.
Newport News, Virginia (PRWEB) January 14, 2007 -- Closing transactions in over 20 states, the Mumford Company today announced record sales volume in 2006. Averaging a hotel sale each week, the company set records for aggregate sales and average deal size.
"Continued strength in property level results, an abundance of buyers, and readily available acquisition capital have led us through another strong transaction year", according to Ed James, a Principal with the Mumford Company located in their Newport News office. "Our sales represented a broad mix of property types, locations and deal profiles, which reflected the strength of the mid-market sector and the industry as a whole," James adds.
The firms' consistent growth is partially credited to the distribution network the Mumford Company has built through years of relationships with their clients and customers and their longevity in the industry. The company now has offices in 4 states staffed with highly experienced Associates and has plans for strategic expansion.
Two thousand and seven appears to be a year of continued growth for the Mumford Company with a portfolio of over 70 exclusive listings available for ready buyers and over 20 properties under contract as the year began. Pricing metrics (cap rates, room revenue multiples and per room prices) were ahead of prior year levels for the 4th consecutive year and it appears from industry reports that the trend will continue into 2007.
"It is indeed a great time to sell a hotel, as buyers continue to outnumber sellers as we head into 2007," states Mr. James, "however as an increasing number of new supply additions come on line over the next 12-24 months, the picture may change considerably." James continues, "For properties that do not fit an owners' longer term profile, the time to divest may be at hand."
Notable sales for the Mumford Company in 2006 include:
Hampton Inn of Pigeon Forge, TN
Holiday Inn of Altamonte Springs, FL
Holiday Inn Express of East Windsor, CT
Hampton Inn of West Springfield, MA
Hawthorne Park Hotel of Springfield, MO
As demonstrated by the volume of transactions in 2006, the Mumford Company is the preferred choice for sellers of hotel properties representing most major franchises. The Mumford Company is recognized in the industry as a premier hotel brokerage firm and is strategically located to serve clients nationally, with offices in Atlanta, Chicago, Dallas and their corporate office in Newport News, Virginia.
Established in 1978 The Mumford Company is proud of its heritage as a leader in the hotel real estate industry. For more information on the Mumford Company and its' services, please visit our website at www.mumfordcompany.com or contact Jackie L. Wilder at 757-873-0962 xt 303.
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