DULUTH, MN—ZMC Hotels has sold a portfolio of 29 hotels to a consortium of private investment groups affiliated with Walnut Creek, CA-based real estate investor and developer Mark Hall.
The hotels are disbursed throughout the country, with five of them clustered in Scottsdale, AZ. All of the properties, along with other select quality properties, will be master leased to and managed by Zenith Asset Company, an affiliate of Hall. Hall Equities Group and Zenith will be headquartered out of Walnut Creek, CA, and Hall is CEO of both companies.
Hall intends to retain certain senior ZMC Hotels management staff located in Duluth, MN; Kansas City; and Scottsdale. Hall stated, “We are pleased our investor groups have the opportunity to acquire the ZMC operating platform, and all 29 of the company’s hotels, together with several sites for additional hotel expansion projects.”