Court battle erupts for control of the Ace Hotel chain
The father of founder Alex Calderwood says his late son’s “legacy is at stake”
The father of the late Ace Hotel founder Alex Calderwood is battling his son’s business partner in court for a stake in the hip hotel chain.
Calderwood was found dead at age 47 in one of his hotel rooms in November 2013 surrounded by bottles of booze and a crack pipe, according to the New York Post.
“Since then, Alex’s former business partner has wrongfully excluded Alex’s father, Tom — the personal representative of Alex’s estate — from any role in managing the company Alex founded,” according to Tom Calderwood’s suit.
The estate controls 5.174 percent of Ace Group International, according to the Manhattan Supreme Court filing.
Tom is arguing that his son’s “legacy is at stake.” He hopes to wrest control of the business from partner Stefanos Economou, who invested $10 million in the business in 2011. [NYP] – Christopher Cameron