Last November, ZMC Hotels, based in Duluth, Minn., put a 28-hotel portfolio on the market. Less than a year later, it's failed to sell, reports the Duluth News Tribune.
According to the media outlet, ZMC officials aren’t saying whether a sale is in the works.
“We’re still working on marketing and selling the property,” CEO Ken Goldfine said last week. “I’m not at liberty to say anything at this point.”
He also declined to discuss whether the company has received any acceptable offers, or offers to buy specific hotels.
The properties for sale include the Inn on Lake Superior, Edgewater Resort and Waterpark, Days Inn Lakewalk and the Best Western Downtown Motel in Duluth. In Superior, it includes Best Western Bridgeview; and in Ashland, the AmericInn.
ZMC’s entire portfolio was listed for sale with a national broker in October in an offer-driven listing with no asking price.
The move to sell came during a period of low hotel supply in the market coupled with high demand.
Since the properties were listed for sale, the company’s new Hampton Inn & Suites in Hibbing has opened. That hotel, and the Hampton Inn the company plans to build in Superior, were not included in the portfolio listed.