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Westchester Marriott Sold for $40M; New Owners Plan $30M Renovation 

Westchester County’s ever-evolving hotel market was making headlines this week with the announcement that the Westchester Marriott in Tarrytown has been sold for $40 million to a group of three entities that includes Taconic Capital Advisors, HEI Hotels & Resorts and Ares Commercial Real Estate Corporation.

The 444-room hotel, which is a BCW Member, will continue to operate under the Marriott flag and will be managed by HEI Hotels & Resorts. Taconic and HEI said the hotel will undergo a comprehensive $30-million 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 15-acre property, located at 670 White Plains Road, features 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 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.”

“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,” said HEI CEO Anthony Rutledge. “We are excited to team with Taconic as we reenergize this asset.”

This is Taconic’s first acquisition with HEI and marks the company’s 12th hotel transaction, encompassing 17 properties and 3,700 keys, in the past year. 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.

“We are very pleased to enter into this agreement in support of Taconic’s and HEI’s business plans for the Westchester Marriott,” said Bryan Donohoe, Chief Executive Officer of ACRE. “We believe the collaboration of Taconic and HEI and their demonstrated capabilities will enable the property to thrive in the evolving Westchester market.”

 

 

 

 

 

 

This is Taconic’s first acquisition with HEI and marks the company’s 12th hotel transaction, encompassing 17 properties and 3,700 keys, in the past year. In the hotel industry, the number of guest rooms in a facility often is described as a number of room keys.

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