Mumford Company, a full-service hotel advisory firm since 1978, was pleased to represent Lake Wright Properties, LLC in the sale of the Sleep Inn and Quality Suites in Norfolk, Virginia. The purchaser, Riaan Hospitality, LLC, is a hotel and restaurant owner and operator with multiple properties across the southeast US. After mainly cosmetic renovations, the combined 234 units will remain in the Sleep Inn and Quality Suites brand families. Ed James, Steve Kirby, and Justin Pinkard, all Mumford Company Principals, along with Carter Willcox, Vice President in Mumford Company’s Newport News, Virginia headquarters represented the Seller in the transaction.
Ed James states, “This is the third time Mumford Company has worked with affiliates of the Seller on either acquisitions or dispositions. Repeat clients and customers are most important to us and are thankful for them.”
“This was another successful transaction that demonstrated Mumford Company’s hospitality expertise,” stated Justin Pinkard. “Managing all of the nuances of the sales process, particularly in today’s challenging market, took extreme patience and fortitude from both the seller and the buyer.”
About Mumford Company:
Mumford Company was established in 1978 to provide top quality hotel brokerage services and has a team of brokerage professionals with broad experience in all aspects of lodging acquisitions, development, consulting and operations. They represent sellers of most major brands in markets throughout the country, and their diverse background allows them to have an awareness of key opportunities within the marketplace, so they can accurately position their client’s assets to maximize their investment results. The firm has an experienced sales team in regional offices across the country, including Newport News, Virginia; Atlanta, Georgia; Chicago, Illinois; Dallas, Texas, Washington DC, and Tampa, Florida. Their track record of success for buyers and sellers have made Mumford Company a leader for the last 41 years while upholding the values of the company from when it first began. For more information or to put the Mumford Company team to work for you, please contact Mumford at 757-873-0962, or by e-mail at sales@mumfordcompany.com.