Address: 674 Casino Trail
City: Cherokee
State: NC
ZIP: 28719
Rooms #: 62
Additional Features:
Mumford Company announces the recent successful disposition of the Microtel Inn & Suites of Cherokee, North Carolina. Mumford represented Tohema, LLC in the sale of 3 limited liability corporations to Caro-Tex, LLC.
The process from listing date to closed sale was less than five months. Steve Kirby and David Mumford, principals in the firm, managed the marketing and transaction activities on behalf of the seller. Kirby states, “ this transaction included the sale of the hotel, a pharmacy leased to a third party and excess developable land, all encumbered by a land lease from the Eastern Band of Cherokee Indians and a subsequent sublease. It was a complicated deal but cooperation between buyer and seller brought it to successful conclusion”
The seller was a western North Carolina based restaurant group with the subject it’s only lodging property. The purchasing group was a sophisticated, real estate investor from Texas with multi disciplined national holdings. This acquisition provided the purchaser another lodging property in a region where they are planning additional growth. Purchaser plans cosmetic renovations and will continue to operate as a Microtel Inn & Suites branded hotel.
Mumford Company is a hotel real estate brokerage firm with a commitment to results-oriented customer service that has accomplished over 900 completed transactions in its 36-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.
