Sortis Holdings has entered into a definitive agreement to acquire Ace Group International and its management company, Atelier Ace.
The $85 million purchase of the hospitality brand is set to usher in a new chapter of cultural collaboration, innovation, and conscious growth for Sortis. Led by Sortis hospitality partner Kelly Sawdon, who previously served as a partner at Ace Hotel Group, the all-cash transaction is expected to close at the end of Q1 2023.
“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,” Sawdon says. “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.”
“The Sortis platform is rooted in innovation, purpose, and impact, and aims to foster consumer brands that are at the forefront of culture,” adds Sortis executive chairman Paul Brenneke. “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.”
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