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 to develop the Cincinnati Downtown Marriott hotel.
The groundbreaking for the property is planned for Tuesday, July 21 at 10 a.m.
The new, full-service hotel will anchor the city’s reimagined Convention District, bringing 700 rooms, 60,000 sq. ft. of meeting space, a 17,000-sq.-ft. 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,” said Ambrish Baisiwala, chairman/CEO, 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.”
The hotel is considered to be a critical component of Cincinnati’s $828-million Convention District Revitalization Plan, which included $264 million in renovations to the First Financial Center, enhancements to surrounding public spaces and improvements to Elm Street Plaza. The nearby 780-space Convention Center Garage, acquired by 3CDC in 2023, has undergone a $28-million project encompassing both acquisition and renovation to support convention activity, hotel guests and downtown visitors. Together, these investments are designed to elevate Cincinnati’s ability to attract national conventions, trade shows and major events, according to city officials.
“The upcoming Cincinnati Downtown Marriott Hotel groundbreaking represents a major milestone in the continued transformation of downtown Cincinnati,” said Katie Westbrook, EVP, development, 3CDC. “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 (OH) and the State of Ohio, alongside private investment from Aimbridge Hospitality, which serves as manager and equity partner.
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.
Skanska said it has signed a $325 million contract with Portman.
“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.”
The project financing is supported by approximately $249 million in public support, including a $50 million state capital grant, a $112 million public bond issuance relying primarily on tax increment financing, a $50 million loan from the city and $37 million in proceeds from a state tax credit award.
“This hotel is a massive milestone in our collective reimaging of Cincinnati’s Downtown,” said Cincinnati Mayor Aftab Pureval. “Local government and businesses are making groundbreaking investments across the Convention District to build the kind of urban fabric that attracts residents and guests from across the world. This catalytic project is a foundational part of getting us to our future.”
Commission President Stephanie Summerow Dumas said, “‘Build it, and they will come.’ We have built a state-of-the-art convention center, and now visitors need a state-of-the-art place to stay. It took every partner working together to assemble the financing and move the Convention District forward. Today, we celebrate an investment that will support tourism, conventions, jobs and economic growth throughout our region.”
Portman’s continued investment in downtown Cincinnati reflects the firm’s long-term commitment to the market. The new Marriott hotel will complement the company’s existing hospitality holdings in the city, including the recently acquired Westin Cincinnati, where the firm plans to launch a comprehensive renovation later this year.
