Address: 865 North Military HighwayNorfolk
City:
State: VA
ZIP: 23502
Rooms #: 73
Additional Features:
Mumford Company represented affiliates of Allen Management in the sale of the Econo Lodge of Military Highway in Norfolk, Virginia to OMAARAV Lodging, LLC. This was the 13th transaction that Mumford has facilitated for the sellers over the past 2 years and the final piece in a multiyear, multi-unit disposition program.
The purchasers are regional owner/operators who plan to make renovations to the hotel, retain the Econo Lodge franchise and work to continue improving the hotel’s operating performance.
Located on Military Highway, across the street from The Gallery at Military Circle, the 73-room hotel is in the center of multiple Military Installations in the area including Little Creek Naval Amphibious Base, Naval Station Norfolk, and the Naval Air Station Oceana.
Hampton Roads is home to more than 1.6 million people, making it the 33rd largest MSA in the United States and the second largest between Washington, DC and Atlanta, Georgia.
Convenient to area colleges and universities – Norfolk State University, Virginia Wesleyan College, Regent University, and Old Dominion University the property is just minutes from Norfolk International Airport, Airport Industrial Park, as well as downtown Norfolk that all provide demand for the hotel.
David Mumford in Mumford Company’s Newport News office along with Justin Pinkard in the firms’ Washington, D.C. office negotiated the transaction on behalf of the seller.
Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 830 completed transactions in its nearly 34-year history. With its’ experienced sales team in five regional offices across the country, including the company’s newly opened Washington DC office, Mumford Company is a leader in the sale of mid-market and economy hotels. For more information contact Mumford Company at (757) 873-0962.
