Chesapeake Lodging Trust has acquired the Ace Hotel Downtown and The Theater at Ace Hotel in Los Angeles for US$103 million. The seller was Greenfield Partners.
Under the management agreement with Chesapeake Lodging, Ace Hotel Group will continue to brand and operate the hotel.
“We are thrilled to announce our acquisition and further expand our presence in the dynamic Los Angeles market,” said James Francis, Chesapeake Lodging’s president and CEO. “The level of detail and immaculate condition of the facility is remarkable. We are very excited to add another first-class asset to our growing high-quality portfolio.”