Taconic Capital Advisors and HEI Hotels & Resorts Partner to Acquire Westchester Marriott From Ares Commercial Real Estate Corporation

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NEW YORK--(BUSINESS WIRE)--Taconic Capital Advisors (“Taconic”), HEI Hotels & Resorts (“HEI”) and Ares Commercial Real Estate Corporation (“ACRE”) 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.
“When sourcing this deal, HEI recognized the opportunity to execute a business plan that will maximize real estate value by relying on the company’s proven track record for successful repositioning” > > Tweet this 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.
HEI Hotels & Resorts is one of the nation’s leading privately held hotel investment and third-party management companies, with a portfolio of 90-plus properties in the United States.
The company has offices in New York, London and Hong Kong with a range of investment capabilities, management talent and geographic reach to capitalize on the changing opportunity set for investors.