NATIONAL REPORT—Despite challenging times, companies continue to complete hotel transactions. Here’s a look at some of the recent deals:
Mumford Company Completes Sale of Clarion Inn in South Boston, VA
Mumford Company has completed the sale of the 66-unit, two-story, interior corridor Clarion Inn of South Boston, VA. Principal Justin Pinkard and VP Andrew Smith, both of the firm’s office in Washington, DC, represented an affiliate of Hammock Worldwide in the sale to SDH Hospitality LLC. “We were pleased to achieve this result for the seller, especially given the unique circumstances within the industry at this time,” Smith said. The buyers plan to complete a full PIP on the asset and retain the Clarion franchise affiliation.
Marcus & Millichap Arranges Sale of Single-Room Occupancy Hotel Asset in San Francisco
Marcus & Millichap has sold the Abby Hotel, a 15,925-sq.-ft. 54-unit single-room-occupancy building in San Francisco. The property sold for $8 million or $148,148 per room. Jag Patel, senior associate in Marcus & Millichap’s Oakland office and Max Kandel exclusively listed the property on behalf of the seller. Originally constructed in 1913, the building is located at 630 Geary St., four blocks from Union Square, close to public transportation, shopping, dining and city employers.