National real estate development firm Portman Holdings has announced a $540 financing package for the planned Cincinnati Downtown Marriott Hotel.
The 700-room property is part of the larger $828 million Convention District Revitalization plan in Cincinnati, which also features $264 million in renovations to the city's convention center, the First Financial Center.
According to a news release from Portman, the now finalized financing package includes "approximately $249 million in public support, including a $50 million [Ohio] 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."
The hotel will feature 60,000 square feet of meeting space, a 17,000-square-foot events terrace and a sky bridge that will connect to the convention center. A groundbreaking is slated for late July, and construction manager Skanska notes the hotel is expected to open by late 2028.
The full project was initially announced in late 2022, with renderings released in early 2024.
Aimbridge Hospitality has been tapped to manage the hotel and will also be an equity partner in the property, according to a statement from Aimbridge's Chief Global Growth Officer Eric Jacobs.
“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,” he said.
Portman noted the project is a public-private partnership involving several government entities, including the city of Cincinnati, Hamilton County and the state of Ohio. The Cincinnati Center City Development Corp., which took control of the convention center garage in 2023. The Port of Greater Cincinnati and Visit Cincy are also involved.
Lenders on the project include Bank OZK and Huntington National Bank, and Piper Sandler Hospitality Finance Group worked as placement agent and senior manager for financing. DiPerna & Company is financial adviser, and architecture work is done by Cooper Carry and Moody Nolan.
“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," Portman Chairman and CEO Ambrish Baisiwala said in a news release. "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.”