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Taconic Capital forms JV with HEI to buy Marriot hotel
Transactions - MARCH 11, 2022

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Taconic Capital forms JV with HEI to buy Marriot hotel

by Released

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

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