Portman Holdings has secured a $540 million construction loan to advance its Marriott hotel project in Cincinnati, as the groundbreaking date gets closer.
The project, in partnership with the State of Ohio, Cincinnati Center City Development Corp. (3CDC), City of Cincinnati and Hamilton County, calls for 700 rooms in total. Also, Aimbridge Hospitality has contributed an equity investment and will serve as project manager. The lending group includes Bank OZK, Huntington National Bank and Piper Sandler Hospitality Finance Group. DiPerna & Company is serving as the financial advisor for the development.
The site will be known as the Cincinnati Downtown Marriott hotel and is a part of the city's $828 million Convention District Revitalization Plan. Groundbreaking is set for July 21.
The hotel will also feature a 17,000 square foot events terrace and amenities, along with 60,000 square feet in meeting space.
"The upcoming Cincinnati Downtown Marriott Hotel groundbreaking represents a major milestone in the continued transformation of downtown Cincinnati," Katie Westbrook, executive vice president of development at 3CDC, said in a statement.
"This project will not only strengthen the city's ability to attract large-scale events, but also enhance the overall visitor experience, supporting local businesses and driving long-term economic growth in the urban core. We're looking forward to seeing the energy and momentum it will bring to the Convention District and the city as a whole."
The Convention District Plan also includes a $264 million upgrade to the First Financial Center, renovations to Elm Street Plaza and improvements to public spaces in the city's downtown area.
The Cincinnati hotel advancement comes as Portman, which operates in other CRE sectors including office and residential, has put more of an emphasis on hospitality lately. For example, last month, the property management firm announced the acquisition of the Westin Peachtree Plaza in downtown Atlanta. The 1,073-key hotel will stay under the long-term management of Marriott.
Also, in Cincinnati, Portman in 2025 purchased Westin Cincinnati, which consists of 456 keys.
Currently, the company holds roughly $1.5 billion in assets under management across more than 4,000 rooms in five major national markets.
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