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.

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.

“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.