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ACRE Sells Westchester Hotel for $40M
Taconic Capital Advisors, HEI Hotels & Resorts and Ares Commercial Real Estate Corporation announced today that Taconic and HEI have partnered to acquire the Westchester Marriott, a 444-key hotel in Tarrytown, NY, from 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 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 lost nearly 1,200 directly competitive hotel rooms during the last several years, including more than 90,000 square feet of meeting space.
“The Westchester Marriott provides a unique opportunity in a time of continued and permanent market supply reduction,” said Andrew Lam, director with Taconic. “A property of this caliber, with a transformative renovation and new best-in-class management, is positioned to excel.”
- ◦Sale/Acquisition
