Ace Hotel Brand Said to Near Sale to Japan’s Seibu Prince (1)

Ace Group International, which manages the trendy Ace Hotel brand, is nearing a deal to sell itself to Tokyo-based Seibu Prince Hotels Worldwide Inc., according to a person familiar with the matter.

The transaction could be valued at as much $85 million, including earn-outs, said the person, who asked not to be identified discussing a private transaction. Ace has been working with adviser Jones Lang LaSalle Inc. to explore strategic options, the person said.

The deal isn’t finalized yet and could still fall through. A spokesperson for JLL declined to comment. A representative for Ace had no immediate comment. ...