Justin Pinkard, managing principal, Mumford Company, turned his love for real estate into a career as a hotel broker under the guidance of a number of seasoned veterans of the field. Hotel Business caught up with Pinkard to discuss the company’s performance and challenges for this year.
—Adam Perkowsky
When did you know you wanted to be a real estate broker?
My interest in real estate and finance developed at an early age. Throughout college, my coursework included real estate, finance and corporate finance, which helped me identify my passion for real estate and hospitality. Hotel brokerage was the perfect platform to pursue both passions, allowing me to be in a field that is an ideal fit for me.
Have you always been interested in hotels?
My fascination with hotels began in my childhood. I have always enjoyed traveling and discovering new destinations. Over time, I started to appreciate the crucial role hotels play in shaping these experiences. The hotel is often overlooked but a vital part of the adventure—providing amenities and services that enrich the travel experiences and create lasting memories. I am privileged to work alongside dedicated professionals in the hospitality industry, where every day presents a new opportunity to learn and grow.
How did you get your start at Mumford Company?
I started with Mumford Company in 2005 as the first analyst. It was an incredible opportunity to work closely with George and David Mumford, who both significantly shaped my career. While my academic background in real estate gave me a strong foundation, it was the experience of observing and listening to seasoned brokers navigate the transaction process and overcome challenges that truly honed my skills. The mentorship I received has been invaluable.
You are the young gun among seasoned veterans at your firm. What have they taught you?
I have been fortunate to work alongside some experienced professionals, including David Mumford, Ed James and Steve Kirby, each of whom has played a crucial role in shaping my career. Above all, they taught me the importance of trusting the process and approaching every situation with integrity and honesty. These core values are the cornerstones of our firm’s success and have been critical to our growth over the years.
Can you tell us about some of the highlight deals you have been involved in in your career?
Throughout my 15-year career, I have had the privilege of working on a diverse array of transactions. However, some of my most rewarding experiences have been with investors seeking to purchase their first hotel or expand their existing portfolio. There is nothing more fulfilling than watching my clients succeed knowing I played a part in their journey. Many of my best clients today started as first-time buyers, and their continued trust in Mumford Company is a testament to the strength and reliability of our platform.
Mumford Company is coming off a strong 2024. What were some of the key transactions from last year?
While the U.S. hotel transaction market experienced a slowdown in 2024 due to higher interest rates and geopolitical uncertainty, Mumford Company had one of our strongest years, closing deals across 11 states with various brand families and property types. Some of our notable transactions included the Hampton Inn Manassas, Hampton Inn Farmville and Holiday Inn Express & Suites Farmville in Virgina and TownePlace Suites Memphis Southaven in Mississippi.
How is your company navigating the complexities of the current economic environment?
The current economic environment presents unique challenges, including high interest rates, an economic slowdown, reduced consumer spending, rising capital expenditure requirements and increased operating costs. In this environment, the guidance of a trusted and experienced broker is more crucial than ever. At Mumford Company, we collaborate closely with our clients to develop tailored strategies to tackle the current economic obstacles. Clear communication and a suitable action plan are key to ensuring our client’s continued success.
With buyer demand high, how have you been able to find deals for those looking to invest in hotels?
There has been a shortage of listing inventory in recent years, making it difficult to find assets to meet the strong market demand. However, as debt markets continue to improve, we anticipate a pickup in overall deal flow and a more competitive bidding environment. As a result, we expect more sellers who have been sitting on the sidelines to enter the market. Additionally, institutional owners and distressed owners will likely stop “extending or pretending” and bring neglected assets to market.
What is your forecast for 2025 from a broker standpoint?
We are cautiously optimistic about the transaction market in 2025. With the election behind us and interest rates stabilizing, we expect steady deal flow as pent-up demand and available acquisition funding drive the market forward. This environment will likely prompt owners to reassess their portfolios, considering whether to make costly renovations or sell properties that have exceeded their preferred holding periods.
