The Ace Hotel only opened during the course of last year, but it has now been purchased by Chesapeake Lodging Trust (CLT) from Maryland. This real estate trust could use Stationery printers in Torrance to help show that the hotel has changed hands in communications.
The chief executive officer of CLT, James L. Francis, has announced:
“We estimate that the theater alone will generate revenues in excess of $4.4m and net operating profit of over $2m.”
The hotel in question is located in the vicinity of where Broadway and Olympic Boulevard intersect. The building was sold by Greenfield Partners, and the investment business is based in Connecticut.
The building is not used for the same purposes as it was in the past; prior to its existence as a hotel it housed a theater at which movies were put on. This space is now used for meeting rooms and functions can be held there.
Back in 2011, Greenfield Partners secured the building for $11m. It has not been revealed how much money has been spent on refurbishments of the property.
The development of the hotel appears to have helped trigger more investment in the area, and there are concrete plans to alter a neighboring old department store by including a hotel in it.Get a Free Quote for Stationery