Sortis Holdings has entered into a definitive agreement to acquire Ace Group International, along with its management company, Atelier Ace. The purchase consideration is comprised of $85 million in an all-cash transaction that is expected to close at the end of Q1, subject to customary closing conditions.
Sortis Holdings’ hospitality partner Kelly Sawdon led the acquisition. Before joining Sortis in 2021, she was a partner at the Ace Hotel Group and has been a key player in the Ace Hotel brand since shortly after its inception.
“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 said in a statement. “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 acquisition of the Ace Group International includes 12 hotels—10 Ace Hotel properties in Los Angeles, Seattle, Kyoto, Sydney, New York and other cities—as well as hospitality brands Sister City and Maison de la Luz. Sortis Holdings’ existing hospitality portfolio includes the Ace Hotel Portland, Ore.; Woodlark Hotel in Portland, Ore.; Mayflower Park in Seattle; the Alum brand; and several hotels under development. The combined entity of Ace Group International and Sortis Holdings will have 15 hotels under management.