Korean Investor Aju Continuum Taps Short-term Rental Company Kasa Living as it Reopens DTLA's Ace Hotel

The Ace Hotel in Downtown Los Angeles is set to reopen with a fresh identity. Now under new management and a new name, the hotel will be operated by Kasa Living, a short-term rental startup, and will be rebranded as Stile.

Transition to Stile

The property, owned by Aju Continuum, the U.S. branch of a South Korean firm, had been an Ace Hotel for a decade before shutting down in January. Aju Continuum announced that Kasa Living, founded in San Francisco in 2016, will manage the hotel under the new Stile brand.

About Kasa Living

Kasa Living began as a platform for short-term rentals, similar to Airbnb, focusing on underutilized hotels and apartment complexes. The company gained significant financial backing in 2020, raising $30 million in a funding round led by Ribbit Capital, with participation from other investors such as RET Ventures, Zigg Capital, FirstMark Capital, Allegion Ventures, and BoxGroup.

Accommodation Options

Despite the rebranding, the hotel remains available for nightly stays and can also be booked for short-term rentals through platforms like Airbnb and Vrbo. This flexibility caters to various guest needs, from single-night stays to extended visits.

Future Plans and Pricing

Aju Continuum had initially intended to convert the property into a limited-service, rooms-only hotel following the Ace Hotel's closure. Current rates for stays at the newly branded Stile range from $121 per night to $500 during peak times, such as the July 4th weekend, as listed on Booking.com.

Acquisition and Financial Background

Aju purchased the hotel for $111 million in 2019, financing the acquisition with a $79 million loan from Hanmi Bank. This investment marks a significant milestone in the hotel's evolution from Ace to Stile, underlining Aju's commitment to revitalizing the property with modern hospitality solutions.