Portman Holdings, LLC has continued to put a focus on the hospitality sector. This time, the developer has acquired dowtown Atlanta hotel, Westin Peachtree Plaza.
While the price was not disclosed, this takes Portman's total hospitality assets under management to roughly $1.5 billion across more than 4,000 rooms in five major national markets.
The Atlanta-based firm acquired Westin Peachtree Plaza through its Portman Hospitality Fund I, LP, from Marriott International. However, the 1,073-key hotel will stay under the long-term management of Marriott.
Portman will launch a renovation product at Westin Peachtree, calling for the upgrades of public spaces, guestrooms and meeting areas. It aims to accomplish this ahead of Super Bowl LXII, set to take place in 2028 at Mercedes-Benz Stadium in Atlanta, which is near the hotel.
The 73-story hotel is also in proximity to State Farm Arena and the Georgia World Congress Center.
Overall, Fund I LP is targeting full-service hotels that sit in major markets.
"The fund reflects Portman's continued focus on creating long-term value through disciplined investment strategies that build on our deep real estate experience," Ambrish Baisiwala, chairman and CEO of Portman, said in a statement.
"As we continue to grow and diversify our investment platform, we remain focused on opportunities where active ownership, strategic reinvestment and a long-term perspective can create meaningful value for investors and the communities we serve."
Also, in the hotel sector, Portman in 2025 purchased Westin Cincinnati, which consists of 456 keys. Additionally, the company is the developer of the planned 700-key Marriott Cincinnati, situated in the city's $828 million Convention District redevelopment. Construction is set to begin on the hotel portion of the project this summer, according to Portman.
Portman, which also operates in other CRE sectors including residential, office and industrial, now owns eight hotels overall.
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