PORTLAND, Ore., Jan. 17, 2023 (GLOBE NEWSWIRE) — Sortis Holdings, Inc. SOHI (the “Company” or “Sortis”) – an ecosystem of innovative, experience-driven hotel brands – has entered into a definitive agreement to acquire Ace Group International, along with its management company Atelier Ace. With the takeover Sortis Holdings, Inc. will herald a new chapter for the iconic brand in an era of cultural collaboration, innovation and conscious growth for both the company and the Ace Hotel brand as a whole.

The purchase price is US$85 million in a cash transaction pursuant to the terms of the purchase agreement. The transaction is expected to close late in the first quarter of 2023, subject to customary closing conditions.

From award-winning restaurants to iconic coffee to the world’s first sustainable sushi bar and now with Ace Group, the Sortis platform is an evolving ecosystem of idiosyncratic brands, united in their vision and innovation. Equal parts incubator, operator and development platform, Sortis helps these brands amplify their unique voice through strategic leadership and value-added resources such as optimized capital access, real estate growth strategies, co-location opportunities, as well as our in-house digital team for data and analytics and e-commerce -Skills.

“Sortis’ platform is built on innovation, purpose and impact, and aims to nurture consumer brands that are at the forefront of culture,” said Sortis Executive Chairman Paul Brenneke. “Our acquisition of the long-established 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 that vision by thoughtfully scaling the legacy brand.”

Kelly Sawdon, hospitality partner of Sortis Holdings, led the acquisition. Before joining Sortis in 2021, she was a partner at Ace Hotel Group and has recently…