Ace Hotels, Owners Face Suit Seeking to Close $85 Million Sale

The owners of Ace Group International LLC, which manages the boutique Ace Hotel chain, are facing litigation in Delaware seeking to compel closing of an $85 million brand sale they allegedly tried to bail on.

The lawsuit targets Stefanos Economou and Brad Wilson, who own nearly 95% of Ace through investment vehicles. It accuses them of reneging on a deal to sell their stakes to Sortis Holdings Inc., a hospitality company that specializes in “combining idiosyncratic brands” with “cultural currency.”

There are Ace Hotels in Brooklyn, Manhattan, Kyoto, Los Angeles, New Orleans, Seattle, Sydney, and Toronto, as well as Palm ...