In Brief: Portman and partners have closed on $540 million in financing to develop the Cincinnati Downtown Marriott hotel, a 700-room property anchoring the city’s $828 million Convention Center District Revitalization Plan, with groundbreaking scheduled for Tuesday, July 21, at 10 a.m.
-
Rendering of the Cincinnati Downtown Marriott – Image Credit Portman
Portman, in partnership with the City of Cincinnati, Hamilton County, the State of Ohio, Cincinnati Center City Development Corp. (3CDC), The Port of Greater Cincinnati, and Visit Cincy, has closed on $540 million in financing for the development of the Cincinnati Downtown Marriott hotel. The official groundbreaking is planned for Tuesday, July 21, at 10 a.m.
The Cincinnati Downtown Marriott hotel will feature 700 rooms, 60,000 square feet of meeting space, a 17,000-square-foot events terrace, multiple ballrooms, and ground-floor retail. The hotel will be connected to the renovated First Financial Center via skybridge and is designed to serve group, business, and leisure travelers.
The hotel is part of the city’s $828 million Convention District Revitalization Plan, which includes $264 million in renovations to the First Financial Center, enhancements to public spaces, and improvements to Elm Street Plaza. The 780-space Convention Center Garage, acquired by 3CDC in 2023, has undergone a $28 million project involving acquisition and renovation to support convention activity, hotel guests, and downtown visitors.
The development is being executed through a public-private partnership with support from the City of Cincinnati, Hamilton County, the State of Ohio, and private investment from Aimbridge Hospitality, which will serve as manager and equity partner. Other project partners include 3CDC, The Port, and Visit Cincy. Marriott has signed an agreement for the hotel.
Financing for the project 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. The design and construction team includes Cooper Carry as architect, Moody Nolan as local architect, and Skanska as construction manager.
Public support for the project totals approximately $249 million, consisting of a $50 million state capital grant, a $112 million public bond issuance primarily using tax increment financing, a $50 million loan from the City of Cincinnati, and $37 million from a state tax credit award.
Portman’s involvement in the project follows its recent acquisition of the Westin Cincinnati, where it plans a renovation later this year.