Taconic Capital Advisors and HEI Hotels & Resorts (HEI) have partnered to acquire the Westchester Marriott, a 444-key hotel in Tarrytown, N.Y., from Ares Commercial Real Estate Corporation (ACRE) for $40 million.
As part of the transaction, ACRE has elected to provide a financing facility in support of the business plan for the hotel property.
The 15-acre property, located at 670 White Plains Road in Tarrytown, offers 21 event rooms for a total of 26,700 square feet of conference and meeting space, including a 9,000-square foot ballroom with a total capacity of 1,100 people. The property includes a Ruth’s Chris Steak House, Cooper Mill American restaurant, a gift shop, fitness center, spa and laundry.
The hotel will continue to operate under the Marriott flag and will be managed by HEI Hotels & Resorts. Taconic and HEI will execute a comprehensive $30 million case-and-soft-goods renovation focused on all areas of the hotel. The Westchester market has l
