Properties are changing hands across the country, including two in the Northeast.
Taconic Capital Advisors, HEI Hotels & Resorts acquire Westchester Marriott
Taconic Capital Advisors and HEI Hotels & Resorts have partnered to acquire the Westchester Marriott (pictured above), a 444-key hotel in Tarrytown, NY, from Ares Commercial Real Estate Corporation 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 offers 21 event rooms for a total of 26,700 sq. ft. of conference and meeting space, including a 9,000-sq.-ft. 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 operate under the Marriott flag and will be managed by HEI Hotels & Resorts. Taconic and HEI will execute a comprehensive $30-million case and softgoods 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 sq. ft. of meeting space.
“The Westchester Marriott provides a unique opportunity in a time of continued and permanent market supply reduction,” said Andrew Lam, director, 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 Anthony Rutledge, CEO, HEI. “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.
“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, CEO, ACRE. “We believe the collaboration of Taconic and HEI and their demonstrated capabilities will enable the property to thrive in the evolving Westchester market.”
Mission Hill Hospitality acquires Killington Mountain Lodge
Mission Hill Hospitality, a KSL Capital Partners portfolio company, has acquired the Killington Mountain Lodge, Tapestry Collection by Hilton, located in central Vermont’s Green Mountains. Terms of the deal are undisclosed. This is the 15th property added to the Mission Hill Hospitality portfolio since the company was launched in March 2021.
Killington Mountain Lodge is located less than one mile from the Killington Ski Area, the largest and most visited mountain in Vermont, drawing nearly one million visitors annually. It is 30 minutes from Rutland Regional Airport, a three-hour drive from Boston and five-hour drive from New York City.
In 2021, the lodge completed a $5-million capital improvement program with renovations to the entire hotel, including guestrooms, public space, full-service bar and restaurant and back-of-house operations. The property features 102 guestrooms and nearly 3,000 sq. ft. of total event space. Additional amenities include indoor and outdoor pools, oversized outdoor hot tub, fitness center and a ski shuttle service for access to the slopes.
3650 REIT originates $38M refinance Thompson San Antonio—Riverwalk Hotel
3650 REIT, a nationwide commercial real estate investment firm, originated a $38-million loan to refinance the Thompson San Antonio—Riverwalk Hotel.
The loan carries a term of 30 months and two six-month extension options and is provided to sponsor DC Partners, a Houston-based development and investment firm.
The 162-key Thompson San Antonio, which opened in February 2021, includes 59 residential condominiums, 58 of which have already been sold. The property is located directly on the city’s River Walk, which features a variety of dining, shopping and cultural experiences and has a rooftop venue with 360-degree views of the city.
The hotel features multiple food and beverage venues, including an indoor/outdoor rooftop restaurant and lounge, a ground floor restaurant from celebrity chef Steve McHugh, a rooftop pool deck atop the property’s fourth-floor podium, an on-site fitness center, a full-service spa and nearly 7,000 sq. ft. of riverfront meeting space.
The loan is part of 3650’s Bridge and Event-Driven (BED) platform, which focuses on shorter-term lending for borrowers pursuing ground-up construction, acquisitions, repositionings, recapitalizations or the restructuring of partnerships.
Managing Director/Group Head Lawrence Britvan and SVP Dylan Brandt of Hodges Ward Elliott arranged the financing.
The 3650 team comprises Michael Fleischer, head of 3650’s BED platform, along with VP Joel Thompson and Analyst Noah Moghavem.
Baymont by Wyndham hotel in Sarasota sells for $8M
Alex Diaz, trustee of The Tamiami Trail Trust has purchased the Baymont by Wyndham hotel in Sarasota for $8 million. Jag Grewal, CCIM, SIOR, of Ian Black Real Estate facilitated the transaction. The seller was Daus Investments LLC.
The 99-room hotel sits on 2.2 acres and is located less than six miles from Sarasota International Airport and is in close proximity to tourist destinations like Marie Selby Botanical Gardens, Desoto Speedway, The Ringling and Siesta Key Beach.