Ace Group International / Atelier Ace Enters Agreement To Jo...| MENAFN.COM

Saturday, 04 February 2023 02:57 GMT

Ace Group International / Atelier Ace Enters Agreement To Join Sortis Holdings, Inc.


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NEW YORK, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Ace Group International - the trailblazing hospitality company responsible for hotel brands Ace Hotel , Maison de la Luz and Sister City - has entered into an agreement to be acquired by innovative hospitality platform Sortis Holdings, Inc. The transaction is expected to close at the end of Q1 2023, subject to customary closing conditions.

The Sortis acquisition of Ace Group International comes on the heels of a fast-paced few years for the brand. Ace's evolution has remained constant, with the brand having opened award-winning hotels in new markets including Japan (Ace Hotel Kyoto, opened 2020), Australia (Ace Hotel Sydney, 2022) and Canada (Ace Hotel Toronto, also in 2022). The brand also spearheaded the opening of a sister property to its iconic Manhattan hotel, Ace Hotel New York, with the Ace Hotel Brooklyn outpost opening in Boerum Hill in 2021.

“We are appreciative of the warm reception to the brand's recent openings in Kyoto, Brooklyn, Sydney and Toronto, and take pride in having expanded from our humble beginnings in Seattle to a global company spanning four continents. We could not be more excited to partner with Sortis - a like-minded organization that will support the innovation and mold-breaking that Ace has long been known for, as well as facilitate growth. We have a strong pipeline of new projects, both domestic and international, and we look forward to continuing to share our vision of hospitality with the world.” – Brad Wilson, C.E.O., Ace Group International / Atelier Ace

“During a period of great turbulence in our industry, and the world more broadly, we have been continually inspired and fortified by the strength and dedication of the Ace team globally. In addition to our successful openings over the past several years, and the recent announcement of our partnership with noma at Ace Hotel Kyoto, our team has continued to uphold the core mission set by our founders more than 20 years ago - to challenge the status quo, support artists and creatives of all stripes, and create friendly places for both locals and visitors to feel welcome in. Brad and I look forward to expanded opportunities, with the added resources and expertise that Sortis will bring to the table.” – Meriem Soliman, President, Ace Group International / Atelier Ace

Brad Wilson will remain in the role of Chief Executive Officer, and Ace Group International will become a wholly owned subsidiary of Sortis. Sortis and Ace plan to maintain the Atelier Ace team, and the acquisition will bring additional properties under Ace management.

Ace was founded in Belltown, Seattle in 1999, and has since expanded to include 10 locations globally - Portland, New York, Palm Springs, Los Angeles, New Orleans, Kyoto, Brooklyn, Sydney and Toronto. Atelier Ace, the in-house creative studio at Ace, also developed Maison de la Luz, a 67-room luxury guesthouse in New Orleans, and the distilled-service brand Sister City.

About Ace Hotel:

Ace Hotel reimagines urban spaces for people who make cities interesting. Our approach to all our projects is simple - we seek to genuinely embrace local culture in the areas we inhabit. We bring together narratives, artists and materials that speak to the building, to the site and to the city. From there, we welcome in the alchemy that's created.

Our worlds are vast and dynamic. We build relationships with a wide range of people - makers, thinkers, creative do-it-yourselfers in the fields of art, technology, music, fashion, media and gastronomy. We are curious about the history and geography of the buildings and neighborhoods we inhabit, and let these learnings guide us to someplace new. By honoring the architectural and social history of a site, with an eye towards the future that envisions respectful and nuanced dedication to a community, we create inspired spaces full of local art, intentional design and curious possibilities.

About Sortis Holdings, Inc.:

From award-winning hospitality to cult coffee to the world's first sustainable sushi bar, Sortis Holdings is an ecosystem of idiosyncratic brands that live at the intersection of radical vision, cultural relevance and expansive potential. Through decades' worth of seasoned market acumen, intuitive brand development and creative business strategy, we empower brands to become more of themselves, amplifying unique voices and moving culture forward in the process.




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