Sortis to acquire Ace Hotel Group for $85m.

Sortis, an ecosystem of innovative, experiential hospitality brands, agreed to acquire Ace Hotel Group, a chain of hotels headquartered in Los Angeles and New York City, for $85m. "The Sortis platform is rooted in innovation, purpose, and impact, and aims to foster consumer brands that are at the forefront of culture. Our acquisition of the storied Ace Hotel brand, long known for embodying and celebrating the unique culture of each of its destinations worldwide provides us with an opportunity to advance this vision by scaling the legacy brand in a thoughtful way," Paul Brenneke, Sortis Executive Chairman.