Sortis Holdings to pay $85 million for Ace brand and hotel management companyPhoto:A Portland, Ore.-based hospitality firm has reached an agreement to acquire Ace Group International , the operator of a quirky but influential hotel chain known for its cafes, in-house DJs and reclaimed furniture scattered throughout its lobbies.
Sortis Holdings Inc. has agreed to pay $85 million in an all-cash transaction for the Ace brand and its hotel management company, according to Sortis Holdings Executive Chairman Paul Brenneke.