It is acceptable from a coding standpoint, assuming the documentation supports it, but it may or may not be allowed depending on the specific payer's reimbursement policies.
I believe that Medicare would cover the physician fee in this situation, but I don't think that an ASC is allowed to bill an E/M service as a facility fee. So unless there is another service that the ASC is billing for at that encounter, they are likely not going to be compensated for allowing the physician to use their space.