The Los Angeles team for JLL's Hotels & Hospitality Group arranged the sale of the Ace Hotel and Theater Downtown Los Angeles on behalf of Greenfield Partners to Chesapeake Lodging Trust for $103 million.
The 182-room hotel and 1,600-seat theater are housed in a historic 14-story Spanish Gothic property located at South Broadway and 9th Street in downtown Los Angeles. The Ace Hotel offers a variety of food and beverage outlets for guests and visitors to enjoy. Upstairs at Ace Hotel Downtown Los Angeles is a rooftop bar venue of nearly 2,000 square feet. Connected to the lobby is the hotel's main three-meal restaurant, L.A. Chapter, with the Mezzanine above. In addition to the theater, the hotel has 2,160 square feet of dedicated meeting and banquet space.
Managing director John Strauss and SVP James Stockdale led the JLL team on the transaction.