The original owner, Accor N.A., was represented by Dallas-based Mumford Co., a hotel brokerage with a nearby branch in Newport News, VA, and received multiple bids for the property. Mumford has represented Accor in several other hotel transactions as well.
According to Mumford, Dev Hospitality owns a substantial number of limited service hotel holdings in the Eastern and South-Central US. It is now planning a significant refurbishment to its newly acquired Motel 6 asset.There have been three trades in Richmond's limited service hotel market recently comparable to the Motel 6 transaction. The Days Inn–Dickens sold for $3 million. La Qunita Inn & Suites traded for $2 million and a Super 8 brand was acquired for $1.4 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
