Ace Hotel President Accused of Fraud by Founder’s Estate

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An executive of the hipster-friendly Ace Hotel Group was accused of trying to cash in on late founder Alex Calderwood’s untimely death in 2013 by conspiring to con his father out of a majority stake in the boutique chain.

On Monday, Calderwood’s estate sued Brad Wilson, Ace’s New York-based president and chief operating officer, accusing him of intentionally mismanaging the company and conspiring with a lead investor to rip off Tom Calderwood. The estate is seeking at least $14.5 million in damages in the lawsuit filed in state court in Manhattan.

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