Now you can be the owner of one of the hipper brands on the market. Word out of Los Angeles is that the Ace hotel there is on the market. This according to the Los Angeles Business Journal, which writes that the owner, Greenfield Partners, is seeking $550,000 per room for the 182-room hotel.
That equates to approximately $100 million.
The hotel is being marketed by Jones Lang LaSalle.
The building itself dates back to 1927 when it was an a private theater for United Artists’ co-founders Charlie Chaplin, Douglas Fairbanks Jr., D.W. Griffith and Mary Pickford. The hotel still includes a 1,600-seat theater with a 2,300-square-foot lobby and approximately 1,600 square feet of meeting space. There also are four restaurants including a rooftop bar and lounge.
As the Business Journal reports, JLL brokers noted that buyers could keep the Ace brand and management team on as contracted, or pay a fee termonation fee to go elsewhere.