Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced today it finished 2023 with a flurry of closings and anticipates 2024 to be a banner year based on current deal flow.
“Based on our solid deal pipeline of anticipated closings in the first quarter and half of 2024 along with the Fed’s announcement of pumping the breaks with no rate increases in the near future, Mumford Company is extremely bullish on 2024,” said Steve Kirby, Managing Principal, Mumford Company. “While we, along with everyone else, are hoping for actual rate declines as inflation concerns abate, we are seeing more lenders coming back into the market, which should make deals easier to get done.”
Some of their recent transactions include:
• Wyndham Garden Williamsburg Busch Gardens Area, located in Williamsburg, Virginia
• Tru by Hilton Rockwall Dallas, located in Rockwall, Texas
• Quality Suites, Lake Wright – Norfolk Airport, located in Norfolk, Virginia
• Sleep Inn, Lake Wright – Norfolk Airport, located in Norfolk, Virginia
• Fairfield Inn & Suites by Marriott Cleveland, located in Cleveland, Tennessee
•Quality Suites Pineville – Charlotte, located in Pineville, North Carolina
“Buyer sentiment, demand growth, and upward ADR pressures are setting a positive tone for this year. While owners are still concerned about labor, insurance, and overall operating costs, the prevailing optimism is reigning,” said Ed James, Managing Principal, Mumford Company. “The primary threats to the economy are not only economic, but political, both domestically with the upcoming election cycle this year and worldwide with tensions in the Middle East and the war in Ukraine. While these could affect the economy, we do not see any issues in the short-term.”
