Worldwide: Lifestyle and hospitality operator and development firm Sortis Holdings has agreed to acquire the Ace Group International and its management company Atelier Ace for $85 million.
The all-cash transaction is expected to complete at the end of Q1 2023, subject to closing conditions. The acquisition of Ace includes a portfolio of 12 hotels across three brands: 10 Ace Hotel properties, one Sister City and one Maison de la Luz.
It brings the combined total of hotels under management by Ace and Sortis to 15.
Kelly Sawdon, hotels and lodging partner at Sortis, led the transaction. She previously acted as chief brand officer at Ace Hotel Group and Atelier Ace between 2007 and 2020.
Sawdon said: “From the very beginning, Ace has had evolution built into its DNA. This acquisition marks an exciting turning point for the brand — tapping some original key players to usher in Ace’s next chapter of growth. Armed with a team that boasts nearly two decades of experience with the brand, Sortis can help evolve Ace’s position as the hospitality powerhouse it has always been, synonymous with community, creativity and culture.”
Paul Brenneke, executive chairman at Sortis, added: “The Sortis platform is rooted in innovation, purpose, and impact, and aims to foster consumer brands that are at the forefront of culture. Our acquisition of the storied Ace Hotel brand, long known for embodying and celebrating the unique culture of each of its destinations worldwide provides us with an opportunity to advance this vision by scaling the legacy brand in a thoughtful way.”
Sortis Holdings has a number of lifestyle brands in its portfolio, including restaurants, coffee shops and barbershops.
