September 3, 2015
Hall Equities Group, based in Walnut Creek, is buying out ZMC Hotels. ZMC operates its own boutique hotels, as well as those under the nameplates of Hilton, Marriott, IHG, Wyndham and others.
Hall plans to make $40 million in improvements to ZMC properties. To finance these improvements, Hall sold The Arroyo, a luxury apartment complex under development in Walnut Creek, as well as Monte Vista Crossings, an open-air shopping center in Turlock.
Zenith Asset Co., which is a Hall affiliate, will hold the master leases of the hotels and will manage the facilities. Hall also plans to build a new hotel in Walnut Creek, in addition to other developments.
Tags: acquisition, apartments, construction, development, Hall Equities Group, Hilton, hospitality, hotels, IHG, Marriott, Monte Vista Crossings, renovations, retail, The Arroyo, Turlock, walnut creek, Wyndham, Zenith Asset Co., ZMC Hotels