Duluth, Minn.-based ZMC Hotels has put 28 hotels up for sale, reports two local media outlets. Vice Chairman John Goldfine said the 40-year-old company's investors are getting older and now looking for a return on their investment. Hotels for sale include the Edgewater Resort and Waterpark and the Inn on Lake Superior in Duluth, The Bridgeview in Superior and the AmericInn in Ashland.
ZMC Hotels employs 1,300 workers, and Goldfine said the company will do everything in its power to keep them employed under new ownership.
The Hampton Inn in Hibbing, which is expected to open in less than 45 days, along with the soon to be built Hampton Inn in Superior, are not a part of the deal, reports state.
Goldfine says the 28 hotel package deal doesn't have a set price and there is no deadline for sale.
The company said now is the perfect time to exit. "We feel like now is the time, and it would be irresponsible if we didn't try," said company COO Jon Driscoll. "The market demand is outpacing supply, and that leads to a higher valuation of our real estate. But there is only a 50-percent chance this sale will lead to fruition."
He added that a buyer must acquire the entire portfolio, and not pick at it piecemeal.
The hotels are reportedly spread among 10 states.