National developer Portman has hired Kaunteya Chitnis as managing director, hospitality to lead the company’s hotel platform.
He brings diversified real estate experience to the role where he will be responsible for managing the platform’s national operations and spearheading the firm’s hotel investment and development strategy.
Chitnis joins Portman from MCR, the third largest hotel owner operator in the U.S., where he was SVP. During his decade-long tenure at MCR, he supported the firm’s execution of more than $3 billion in hotel transaction and development volume. He led the development of hotel projects including the 512-room TWA Hotel at John F. Kennedy International Airport. Before joining MCR, he served as a senior associate in Ernst & Young’s Transaction Real Estate Group, where he advised hospitality and leisure clients on mergers and acquisitions, capital markets and valuation. He began his professional career at Citibank’s Institutional Clients Group.
“Portman is one of the most innovative and iconic developers in the country and continues to identify terrific opportunities within the hospitality sector,” said Chitnis. “Hotels are part of Portman’s DNA and the firm has a proven track record of developing uniquely complex and impactful hospitality projects. I am thrilled to be joining the team and am eager to apply my experience and perspective in the industry to grow the platform.”
The company’s announcement comes on the heels of significant hospitality momentum for Portman including last year’s opening of the 725-key Hyatt Regency Salt Lake City and announcement the company has been selected as developer for the new 800-key convention center hotel in Cincinnati. The estimated $480 million project will include up to 80,000 sq. ft. of meeting space directly connected to the Duke Energy Convention Center via skybridge to make the experience as seamless as possible. Market data shows group demand in the hospitality sector remains strong with 2023 outpacing pre-pandemic levels for group bookings despite economic headwinds.
“Premier hotel destinations are an integral part of the Portman legacy both past and present. We continue to be dedicated and optimistic about the future of the hotel industry,” said Ambrish Baisiwala, chairman/CEO, Portman. “With Kaunteya onboard, we have the experience and capabilities to continue to execute on our established hospitality strategy as well as pursue new and exciting opportunities in the industry.”