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Ace Hotel building in downtown L.A. is up for sale

Ace Hotel building in downtown L.A. is up for sale
"To Begin at the Beginning," reads the marquee of the Ace Hotel on Broadway in downtown Los Angeles on January 14, 2014. The Ace Hotel opened in early 2014 in the historic United Artists building. (Genaro Molina / Los Angeles Times)

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.

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"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. Sony Pictures' controversial movie "The Interview" premiered at The Theatre at Ace Hotel last week. 

Chicago landlord Greenfield Partners is said to be seeking approximately $100 million for the property, the Los Angeles Business Journal reported.

The complex, originally built in part to provide a theater for the movie production company founded by film luminaries Mary Pickford, Douglas Fairbanks, Charlie Chaplin and D.W. Griffith, is a popular hipster hangout in the theater district. 

Greenfield Partners bought the United Artists building for $11 million in October 2011 from Wescott Christian Center Inc.

Ace officials offered no additional details.

Follow Ryan Parker for breaking news at @theryanparker and on Facebook

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