Portman closed on $540 million in financing to develop the Cincinnati Downtown Marriott hotel. The official groundbreaking for the hotel is planned for July.
The new full-service hotel will anchor the city’s Convention District. It will have 700 rooms, 60,000-square-feet of meeting space, a 17,000-square-foot events terrace and upscale amenities to serve the needs of group, business and leisure travelers. Connected to the newly renovated First Financial Center via skybridge, the hotel will also include multiple ballrooms and ground-floor retail.
“This milestone is the result of the vision and collaborative effort from the City of Cincinnati, Hamilton County, the Port of Greater Cincinnati, and the State of Ohio to advance the transformation of the Convention Center District," Ambrish Baisiwala, chairman and CEO of Portman, said in a statement. "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.”
“The upcoming Cincinnati Downtown Marriott Hotel groundbreaking represents a major milestone in the continued transformation of downtown Cincinnati,” said Katie Westbrook, executive vice president of development at 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.”
The project is being delivered through a public-private partnership supported by the City of Cincinnati, Hamilton County and the State of Ohio, alongside private investment from Aimbridge Hospitality, which serves as manager and equity partner.
“We’re excited to be an equity partner in this transformative project alongside such a strong coalition of public and private partners in a city that continues to demonstrate real momentum,” said Eric Jacobs, chief global Growth officer, Aimbridge Hospitality. “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.”
In addition to the signed agreement with Marriott, Portman’s project partners include 3CDC, The Port and Visit Cincy. Financing for the development includes support from Bank OZK as senior lender, Huntington National Bank as bridge lender, Piper Sandler Hospitality Finance Group, which served as placement agent and senior manager for the financing of the project, and DiPerna & Company as financial advisor. Design and construction are being led by Cooper Carry as architect, Moody Nolan as local architect and Skanska as construction manager.