Westchester Marriott sold for $40M

The Westchester Marriott Hotel on White Plains Road in Tarrytown has been sold for $40 million. The property was purchased by a group of three entities, Taconic Capital Advisors, HEI Hotels & Resorts and Ares Commercial Real Estate Corporation. The hotel had been acquired in 2008 by the Northview Hotel Group.

The hotel has 444 rooms and is on a 15-acre site. It has 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 use the Marriott name and will be managed by HEI Hotels & Resorts. The new owners plan a $30-million renovation focused on all areas of the hotel.

“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.”

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.

HEI Hotels & Resorts has a portfolio of more than 90 properties in the U. S.