DEVELOPMENT/DOWNTOWN LOS ANGELES: Downtown L.A. "renaissance," Ace Hotel: "Ace hotel building in downtown L.A. is up for sale" ....
* Los Angeles Times: "Ace hotel bullding in downtown L.A. is up for sale" - From the LAT:
Downtown Los Angeles’ historic United Artists building, currently home to the Ace Hotel, is up for sale. The decision to market the 182-room hotel building at 929 S. Broadway does not come as a surprise to the hotel chain, said Brad Wilson, president of Atelier Ace & Ace Hotel Group. “We are confident our above-market performance and the hotel's unique positioning will ensure the hotel remains an Ace," Wilson said. Still, new ownership could cut brand ties with Ace for a fee, according to the property brochure.
The hotel, open for less than a year, is part of downtown's renaissance. Its 1,600-seat theater built in 1927 has become a popular site for movie premieres and live music events. . . . . . . .
Chicago landlord Greenfield Partners is said to be seeking approximately $100 million for the property, the Los Angeles Business Journal reported.
Greenfield Partners bought the United Artists building for $11 million in October 2011 from Wescott Christian Center Inc......