Ace Hotel Downtown Los Angeles sold for $103 million

George Sell George Sell Uploaded 02 May 2015

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US: The Ace Hotel in downtown LA’s Broadway Theatre district has been bought for $103 million by Chesapeake Lodging Trust.

US: The Ace Hotel in downtown LA's Broadway Theatre district has been bought for $103 million by Chesapeake Lodging Trust.

The buyer, a Maryland-based real estate investment trust has entered into a new management agreement with Ace Hotel Group to continue to operate the hotel. Douglas W. Vicari, executive vice president and chief financial officer at Chesapeake, said: "We just think that it's the right brand for the property. We like the Ace name and we've seen it operate well in other cities."

The 182-room hotel at 929 S. Broadway opened in January 2014, and was put on the market by owners Greenfield Partners in December 2014.

"We target top markets throughout the country, and Los Angeles is a market that is on our radar," Vicari said. "We like the office and residential development that is happening downtown," said Vicari.

Built in 1927 as a private theatre for United Artists' co-founders Charlie Chaplin, Douglas Fairbanks Jr, DW Griffith and Mary Pickford, the building underwent a two year renovation and restoration before opening. In addition to the hotel, the property contains a 1,600-seat theatre with a 2,300-square-foot grand lobby, 1,600 square feet of meeting space, four restaurants, and a rooftop bar and lounge.

www.acehotel.com/losangeles

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