Breaking will be offline for scheduled maintenance Saturday July 24 5 AM US EST to 8:30 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RICHMOND, VA-HI Central LLC has just sold its Holiday Inn Central here and has another local Holiday Inn under contract. DK Hospitality LLC of Florida acquired the 179-key property, located at 3207 North Blvd., for $4.2 million.

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

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.