Legal battle looming over Ace Hotels’ future

George Sell By George Sell
20 January 2015 | Updated 20 January 2015

US: The estate of Ace Hotels founder Alex Calderwood has launched a law suit to try and take control of the group.

US: The estate of Ace Hotels founder Alex Calderwood has launched a law suit to try and take control of the group.

Calderwood's estate has filed suit against Ace Group International LLC ("Ace"), its member Ecoplace LLC, and board member Stefanos Economou.

Calderwood's estate is the majority stakeholder in Ace, with a 51.74 per cent stake, and is asking the court to declare that it, not Ecoplace or Economou, has the right to control and manage Ace under the Ace membership agreement and Delaware law. The case is pending in the Supreme Court of New York for New York County.

Calderwood, who died in November 2013 in London, was the founder and creative force behind Ace.

His family alleges that his former business partner, Economou - who invested $10 million in the business in 2011, has "wrongfully excluded Alex's father, Tom - the personal representative of Alex's estate - from any role in managing the company Alex founded".

Calderwood's father Tom says his son's "legacy is at stake" if he can't take control of the business from Economou.

Aspen Ace LLC, with Gordon Sondland as president, has been established to advise and represent the estate on behalf of the Calderwood family.

acehotel.com

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