The estate of Alex Calderwood, the late founder of Ace Hotel, has filed suit against Ace Group International (AGI) and Calderwood’s former partner, Stefanos Economou, to gain control of the hotel chain. Acting as representative of the estate, Calderwood’s father, Tom, has asked the court to declare that as the majority stakeholder in the company, the estate has the right to manage Ace per the membership agreement and Delaware law, not Economou.
In response, AGI issued the following 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.”
Calderwood was found dead in a hotel room in November 2013 at age 47. The case is now pending in the Supreme Court of New York.
