Highlights
- Portman buys 1,073-key Westin Peachtree Plaza from Marriott.
- Renovation planned before Super Bowl LXII in 2028.
- Portman now runs eight hotels across five U.S. markets.
Standing 723 feet tall, the 73-story tower was designed and developed by firm founder John Portman Jr. and first opened in 1976, according to the company. The hotel sits close to the Georgia World Congress Center, State Farm Arena and Mercedes-Benz Stadium. Marriott stays on as manager under a long-term deal and the property keeps the Westin brand.
"Hospitality is in Portman's DNA," said Kaunteya Chitnis, Portman managing director for hospitality. "The Westin Peachtree Plaza is exactly the type of asset the fund was created to pursue, with a world-class brand, irreplaceable location and a clear repositioning path supported by our in-house expertise."
Guestrooms, public spaces and meeting facilities are set for renovation before Super Bowl LXII in 2028. Atlanta-based Portman is led by chairman and CEO Ambrish Baisiwala and president John Portman. Baisiwala said the fund is built on long-term value creation through disciplined investment strategies.
"We are confident in their ability to realize the full potential of the iconic Westin Peachtree Plaza," said Cameron Read, Marriott chief financial officer for the U.S. and Canada.
A year before, Portman bought the 456-key Westin Cincinnati, where renovations are set to begin this year. The firm now manages eight hotels across five U.S. markets with more than 4,000 rooms and about $1.5 billion in assets.
Portman developed more than 16,000 hotel keys and 1.5 million square feet of meeting space. It is also the master developer of a 700-key Marriott Cincinnati convention hotel, set to break ground this summer as part of the city's $828 million Convention District redevelopment.
Separately, Stonebridge Cos. opened the 237-key JW Marriott Atlanta Downtown in Atlanta.
