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Ace Hotel Is Up For Sale Less Than A Year After Opening

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Ace Hotel in downtown (Photo by Jason via the LAist Featured Photos pool on Flickr)
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Downtown's hipster chic Ace Hotel is up for sale just less than a year after they first opened their doors.

The boutique hotel, which took over the ornate United Artists theater that was built in 1927 on Broadway Avenue, is looking to sell the property for about $100 million, according to the L.A. Business Journal. The 13-story property is a huge one, with 182 guest rooms, four restaurants (including a rooftop bar), a grand lobby, meeting rooms, and a breathtaking Spanish gothic-style theater (which has been used for concerts and film screenings over the past year). The new owners would have the opportunity to keep the Ace brand name and its management staff, or forgo it by paying a fee.

This downtown location for the Portland-based hotelier is the company's second location in California—their Palm Springs hotel is the first one. When the ACE Hotel took over the space, it was restored by Atelier Ace and Commune Design.

The United Artists theater was first built by co-founders D.W. Griffith, Charlie Chaplin, Douglas Fairbanks and Mary Pickford, according to LA Weekly. The theater would be used to exclusively screen films from the film company before it shut its doors in 1989 as a theater, and later reopened as a church before it closed in 2010. You can still see the glowing "Jesus Saves" sign on the side of the building.