ZMC Hotels sold after 50 years

Hall Equities Group has purchased ZMC Hotels’ portfolio of 29, predominantly limited-service hotels. The purchase price was not disclosed and included ZMC’s management business.

According to ZMC’s CEO Ken Goldfine, it was the “right time” to sell after nearly 50 years of building hotels across the United States. Hall Equities Group plans to invest US$40 million in upgrades and renovation.

ZMC Hotels will retain its name and its offices will still be based in Duluth, Minnesota, with reports suggesting ZMC Hotels’ senior management — President and Chief Financial Officer Todd Torvinen and Chief Operating Officer Jon Driscoll — will remain with the company.