- Portman-led PPP secures $540M for Cincinnati Marriott.
- Project part of city’s $828M Convention District plan.
- Hotel anchors district with 700 rooms and meeting space.
A PORTMAN HOLDINGS-LED public-private partnership secured $540 million for the 700-key Cincinnati Downtown Marriott in Cincinnati. Groundbreaking is scheduled for July 21.
The project is part of Cincinnati’s $828 million Convention District Revitalization Plan, which includes $264 million in renovations to the First Financial Center, public-space upgrades and improvements to Elm Street Plaza, Portman said in a statement. It is being delivered through a PPP supported by the City of Cincinnati, Hamilton County and the State of Ohio, with private investment from Aimbridge Hospitality, the manager and an equity partner.
Atlanta-based Portman is led by Chairman and CEO Ambrish Baisiwala and President John Portman.
“We are also pleased to continue our longstanding relationship with Marriott on a project that represents one of the largest and most significant hotel developments in the region and will help support downtown Cincinnati’s continued growth,” said Baisiwala.
The hotel will anchor the Convention District, with 700 rooms, 60,000 square feet of meeting space, a 17,000-square-foot events terrace, multiple ballrooms and ground-floor retail, the statement said. It will be connected to the renovated First Financial Center by a skybridge.
Eric Jacobs, Aimbridge’s chief global growth officer, said the company is pleased to be an equity partner in the project alongside public and private partners in a city that continues to gain momentum.
“The Cincinnati Downtown Marriott will serve as an anchor for a thriving convention center district and we look forward to leveraging our track record of operational excellence to unlock the hotel’s full potential,” he said.
The project includes about $249 million in public support, consisting of a $50 million state capital grant, a $112 million bond issuance backed primarily by tax increment financing, a $50 million city loan and $37 million in state tax credit proceeds, the statement said.
“The upcoming Cincinnati Downtown Marriott Hotel groundbreaking represents a major milestone in the continued transformation of downtown Cincinnati,” said Katie Westbrook, executive vice president for development for not-for-profit Cincinnati Center City Development Corp. “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.”
In addition to Marriott, Portman’s project partners include 3CDC, The Port and Visit Cincy. Financing includes Bank OZK as senior lender, Huntington National Bank as bridge lender, Piper Sandler Hospitality Finance Group as placement agent and senior manager and DiPerna & Company as financial advisor. Cooper Carry is the architect, Moody Nolan the local architect and Skanska is the construction manager.
The firm’s investment in downtown Cincinnati reflects its commitment to the market, the statement said. The new Marriott hotel will complement its hospitality holdings in the city, including the recently acquired Westin Cincinnati, where it plans a renovation later this year.
