An announcement on the hotel's website and Instagram page reads: "We’re heartbroken to announce that our longtime home on High Street will no longer continue as Ace Hotel London Shoreditch."
The Oregon-based hotel chain, which was founded in 1999 and operates hotels in Seattle, Portland, Palm Springs, LA and New York, opened Ace Hotel London back in the autumn of 2013, taking over the former Crowne Plaza hotel site on Shoreditch High Street.
It was the group's first overseas opening.
"As our first hotel outside the US, it was built as an open satellite for the extraordinary energy ignited by the city itself. We fell in love with that energy, and we’re excited to build a new home in London in the hopeful, renewed future," the statement continues.
"We want to thank — with deepest gratitude and pride — all the ferocious champions of culture, the salty legends on the dance floor, the lone early risers finding dawn on the Rooftop. The dream team, fellow travellers and our steadfast neighbours for embracing Ace and making it your own.
"London, you’re a dream. We’re celebrating every incandescent second and we can’t wait to open our doors in your city again."
The Shoreditch site will now be brought back under the control of hotel company Lore Group, which operates the building and plans to renovate the hotel and reopen it under its own management.
A spokesperson for Lore Group said: “Given the unprecedented impact of Covid-19, the Ace Hotel and its outlets will remain closed so that we can invest in significant renovation that will both refresh and enhance the guest experience.
"We are also taking over direct management of the hotel, consistent with the other premium hotels in our collection. We are grateful to Ace for helping us make the hotel what it is today and look forward to welcoming guests back once the work is complete.”