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Gateway is handling Sortis Holding’s $85M deal to buy Ace Group International, which runs boutique Ace Hotels in locations such as Brooklyn, Manhattan, Los Angeles, Seattle, Toronto and Kyoto.
The Portland, OR-based hospitality management company promises to more than double the number of Ace Hotels to 30 units by 2025.
“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,” said Paul Brenneke, executive chair of Sortis.
Kelly Sawdon, Sortis’ hospitality partner, is a former partner of the Ace Hotel Group.
Gateway, which is based in Newport Beach, CA, has Zach Kadletz and Anna Rutter working the Ace transaction.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
