In response to Tuesday’s news that the estate of Ace Hotels founder Alex Calderwood has filed a lawsuit seeking to take control and manage Ace Group International (AGI), the current management of AGI has issued a statement.
“Upon Alex Calderwood’s death, his interest in AGI passed to his estate which is administered by his father Thomas Calderwood. AGI’s operating agreement states that the estate’s interest is a profit/distribution only interest and that it has no management rights. Stefanos Economou and the rest of Ace’s management team have been operating the company since Alex’s death.
“A lawsuit was filed which requests a broader role for the estate. We believe that this lawsuit is without merit.”