Atlanta’s tallest hotel, and a symbol of the city’s rapid rise in the 1970s, has sold to a development firm founded by the architect who designed the property.
Portman Holdings acquired Westin Peachtree Plaza for undisclosed terms from Marriott International, according to a statement. Marriott has been retained to manage the 1,073-key property through a long-term management agreement.
The 723-foot-tall Westin Peachtree Plaza opened in 1976 on the former site of the Georgia governor’s mansion in downtown Atlanta. Architect John Portman deployed the glass-clad cylinder design in other projects across the United States, including the Renaissance Center in Detroit.
The opening of Westin Peachtree Plaza, along with the nearby Peachtree Center office tower complex, helped vault Atlanta to the forefront of growing Sun Belt cities. Portman designed and developed Peachtree Center, along with other downtown buildings, including the AmericasMart exhibition center.
Portman Holdings’ acquisition is another indication that property investors are regaining interest in the long-struggling downtown Atlanta market. CIM Group is developing the $5 billion Centennial Yards mixed-use project downtown. CP Group acquired and is renovating and repositioning the former CNN Center complex.
Portman Holdings established the $300 million Portman Hospitality Fund I to acquire “large-scale, branded hospitality assets where thoughtful renovation and repositioning can unlock long-term value,” according to the company. The fund was used to obtain the Westin Peachtree Plaza.
“Our fund’s strategy is designed to capitalize on structural shifts in the market, particularly as irreplaceable assets in major U.S. cities enter a renovation cycle,” Kaunteya Chitnis, managing director of hospitality at Portman Holdings, said in the release.
Portman Holdings plans to renovate guest rooms, public spaces and meeting facilities, but did not provide additional details on its renovation plans for Westin Peachtree Plaza. The renovation is estimated to be completed before Atlanta hosts the Super Bowl in 2028.
Atlanta-based Portman Holdings is also involved in two major projects in Cincinnati involving hotels. The company is the master developer for a 700-key Marriott hotel attached to the recently renovated First Financial Center, the largest convention center in Cincinnati. Construction on the Marriott is expected to begin this summer.
Additionally, Portman Holdings acquired the leasehold interest in the 456-key Westin Cincinnati last year and plans to begin a renovation later this year. MAP Property Holdings is leading the renovation of U.S. Bank Tower, an office building attached to the Westin.