Duluth’s ZMC Hotels Is Sold

New Company Expected To Invest, Expand

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Duluth-based ZMC Hotels, which owns businesses like The Edgewater in Duluth and the Hampton Inn in Hibbing, has been sold to a California private investment group.

ZMC CEO Ken Goldfine told FOX 21 Friday the hotel industry is doing very well now and that it’s the right time to sell after near 50 years of building hotels in 10 states across the country.

“It’s a bitter sweet moment for us. We are happy to sell. Like I say, we decided to sell. We weren’t forced into selling so it was our decision. But it’s the end of one chapter and the beginning of a new chapter,” Goldfine said.

The new owner, Hall Equities Group, plans to invest $40 million in upgrades and remodeling to the hotels, according to Goldfine.
Almost all of the 1,100 current employees will keep their jobs, Goldfine said.