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Ace Hotel operator sold to hospitality firm for $85M
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Ace Hotel in DTLA to reopen under short-term rental brand Stile
South Korean hospitality firm Aju taps startup to manage 182-room property
The Ace Hotel in Downtown Los Angeles is reopening — with a new name.
Aju Continuum, the U.S. branch of the South Korean firm that owns the 182-key hotel, has tapped short-term rental startup Kasa Living to operate and manage the hotel under a new brand called Stile, according to an announcement on Tuesday.
The hotel shut down in January after operating as an Ace hotel for 10 years.
Kasa was founded in San Francisco in 2016 as a short-term rental platform like Airbnb for underutilized hotels and apartment complexes.
In 2020, the firm raised $30 million in a round led by Ribbit Capital, with RET Ventures, Zigg Capital, FirstMark Capital, Allegion Ventures and BoxGroup participating.
The hotel is still available on a per-night basis, according to its website, but is also available for short-term stays through Airbnb and Vrbo. When the Ace hotel shut down, Aju had planned to turn the property into a limited-service, rooms-only operation.
Current rates for the hotel range from $121 a night to $500 over the July 4th weekend, according to listings on Booking.com.
Aju bought the hotel for $111 million in 2019, records show, using a $79 million loan from Hanmi Bank.
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