Westchester Marriott is a 444-key hotel located in Tarrytown, New York. Credit: Markus Spiske/Unsplash.

Ares Commercial Real Estate (ACRE) has agreed to divest Westchester Marriott hotel to Taconic Capital Advisors and HEI Hotels & Resorts.

Located in Tarrytown, New York, the hotel has been acquired for $40m.

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Taconic and HEI will implement a broad $30m renovation plan covering all the areas of the hotel.

ACRE will provide a financing facility to support the business plan for the hotel.

HEI CEO Anthony Rutledge said: “When sourcing this deal, HEI recognised the opportunity to execute a business plan that will maximise real estate value by relying on the company’s proven track record for successful repositioning.

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“We are excited to team with Taconic as we reenergise this asset.”

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In addition, HEI will manage Westchester Marriott hotel following the acquisition. The property will keep operating under the Marriott flag.

Spread across 15-acre area, the hotel has 444 guest rooms, 21 event rooms covering a total of 26,700ft² space for conference and meetings.

The hotel also has a 9,000ft² ballroom that can accommodate around 1,100 people.

In addition, the property features a fitness centre, a spa, a steak house, a restaurant, a laundry and a gift shop.

Taconic director Andrew Lam said: “The Westchester Marriott provides a unique opportunity in a time of continued and permanent market supply reduction.

“A property of this calibre, with a transformative renovation and new best-in-class management, is positioned to excel.”

The acquisition marks the 12th hotel for Taconic and first in partnership with HEI.