HDG Legacy and Ark Hospitality have sold the Holiday Inn Express in Crystal River, Fla. in a deal facilitated by Mumford Company. Other terms and conditions were not disclosed. This was the fifth transaction facilitated on behalf of the seller group.
The buyers plan cosmetic renovations and will retain the IHG affiliation. Steve Kirby, Ed James and Justin Pinkard, principals in Mumford Company, represented the sellers in the transaction.
“Our long-term relationship with the sellers allowed for a smooth closing," Kirby said in a statement. "The CMBS lender was impressed by their performance and profitability and was excited about the plan to keep existing management in place. Repeat business is the best business.”