Arrange beets in baking pan and bake until very tender, about 1 hour. Let cool. Peel and cut into 1/4-inch slices; set aside.
In small bowl, dissolve arrowroot in 1 tablespoon orange juice. Set aside.
In medium saucepan, melt butter over medium heat. Add remaining orange juice, honey and dissolved arrowroot. Let simmer until mixture thickens, about 2 minutes. Add beets to pot and toss to coat. Serve warm or at room temperature.