Just over a year ago, news broke that Downtown’s United Artists building was, surprisingly, up for sale. The beautiful Broadway-facing landmark currently houses the Ace Hotel, the United Artists Theater, and lots of food and drink options on site, including the popular L.A. Chapter. Well, it looks like a sale has actually been finalized, and at just above the initial $100 million asking price.
Though even at the time it seemed unlikely that any new ownership might want to mess with the success that has been L.A. Chapter and the Ace Hotel, selling the building out from under the brands is obviously cause for concern. But, as Curbed detailed at the end of last week, the building’s tenants can now officially breathe a sigh of relief, because they aren’t going anywhere.
New ownership, the Chesapeake Lodging Trust, says that they believe in the Ace name and brand, and will be making absolutely "no changes to staff, management, or daily operations." That’s good news for the many front and back of house folks on site, who have helped in their way to completely transform that entire block of Downtown.
Of course, why mess with a good thing? Operating profits for the theater alone are projected to hit at or above $2 million this year. Maybe with some of that leftover dough, ownership won't feel so bad about paying into that $15 minimum wage that might be coming.