The Real Deal New York

Legal battle over future of Ace Hotels heats up

Former business partner claims founder Alex Calderwood forfeited his stake when he died in 2013

October 30, 2015 12:35PM


An Ace Hotel and the late Alex Calderwood

The father of the late Ace Hotels founder is duking it out with his son’s former business partner in Manhattan Supreme Court over the family’s stake in the company.

After founder Alex Calderwood died in 2013 of an apparent drug overdose, his family and former business partner have squabbled over ownership of the posh hotel chain. His father, Tom Calderwood, is suing his son’s former business partner, Stefanos Economou, claiming that he is trying to cheat the family out of their two-thirds interest in the business and in doing so, stomping on his son’s legacy, the New York Post reported.

Tom Calderwood refused Economou’s “lowball” $200,000 offer for his son’s two-thirds interest in the quirky luxury hotel chain, the Post reported.

Economou, who invested $10 million in the company, asked Justice Shirley Kornreich on Thursday to dismiss Tom Calderwood’s lawsuit, which was filed in January. Economou maintains that Alex Calderwood’s share in the business was forfeited when he died.

Kornreich refused to toss the case. Both men are due back in court next month. [NYP] — Kathryn Brenzel