Taconic and HEI Hotels & Resorts Partner to Acquire Westchester Marriott From ACRE for $40

Taconic Capital Advisors | March 11, 2022

NEW YORK - March 11, 2022 - Taconic Capital Advisors, HEI Hotels & Resorts  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. 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,...