Ace Hotel to bring “faux hostel” to 225 Bowery

September 30, 2013 01:17PM

Ace Hotel is converting a 10-story building at 225 Bowery into a hotel, despite earlier plans to turn it into apartments.

The Lower East Side building’s owner, the Salvation Army Chinese Community Center, will close up shop within the year. Ace is serving as a silent partner and developer on this and the Jarmulowsky Bank project at 52 Canal Street. That development, from DLJ Real Estate Capital Partners, is slated to be a 12-story, 105-unit hotel, and will be operated by Ace under a different name.

The concept behind the 225 Bowery hotel is a “distilled service” venture, sources told Bowery Boogie. The publication described this as a pricey hotel with a “faux-hostel vibe,” as a way to merge the Lower East Side’s history as a low-income neighborhood with chic new development. [Bowery Boogie]Mark Maurer