The deal was facilitated by David Mumford, senior principal of the Mumford Co., which is headquartered in Newport News, VA, and Steve Kirby, principal in the company's Atlanta office. The Mumford Co. is also representing HI Central, local private investors, in the disposition of its second hotel asset.
DK Hospitality is planning to keep its newly acquired asset under the Holiday Inn flag. It is planning to make renovations to the public areas of the hotel and put in place more aggressive management strategies to bring up performance, Kirby tells GlobeSt.com.
"This property represents considerable upside for the buyers. The area nearby is undergoing significant renovation – there are several loft condo conversion projects, a steel mill is being converted to a 14-theatre complex and there are plans for a sports arena to developed here as well."
Kirby says Richmond's hotel industry in general is on the upswing as well, after a relatively quiet period in which demand was flat. More supply is entering the market, he says, although there is nothing planned close to this particular asset.
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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.
