WALNUT CREEK, CALIF. — A consortium of private investment groups affiliated with real estate investor and developer Mark Hall, CEO of Walnut Creek-based Hall Equities Group and Zenith Asset Co., has acquired 29 hotels and the corporate assets of Duluth, Minn.-based hotelier ZMC Hotels. The purchase price was not disclosed.
The 29-hotel portfolio is disbursed throughout the country, with five hotels located in Scottsdale, Ariz. All of the hotels will be master leased to and managed by Zenith Asset Co. Following this acquisition, Zenith’s total hotel portfolio will consist of 4,000 rooms in 34 properties.
ZMC Hotels owns and operates both private label boutique hotels, as well as those licensed by brands including Hilton, Marriott,..