LA Deal Sheet
By Joseph Pimentel
The Ace Hotel in downtown Los Angeles has reportedly been sold in a $117M deal.
An undisclosed buyer has acquired the 182-room hotel at 929 South Broadway from Parks Hotels & Resorts, according to the Los Angeles Business Journal.
The price is one of the highest prices per room paid in downtown Los Angeles, Atlas Hospitality Group President Alan Reay said to the LABJ.
Originally built in 1927 as the tallest building in Los Angeles, the building once served as United Artists’ film studio formed by Charlie Chaplin, Douglas Fairbanks and Mary Pickford.
The building changed hands over the years and was once used as a church.
Greenfield Partners acquired the property from the Wescott Christian Center for $11M in 2011, according to commercial real estate data site Reonomy. Greenfield renovated the building into the Ace Hotel.
Greenfield sold the building in 2015 to Chesapeake Lodging Trust for $103M. Parks Hotels & Resorts acquired Chesapeake Lodging Trust earlier this year in a $2.7B deal.