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Portman Closes $540M Financing to Develop Cincinnati Downtown Marriott Hotel
National developer Portman has closed on $540 million in financing to develop the Cincinnati Downtown Marriott hotel.
Portman is partnering with the City of Cincinnati, Hamilton County, the State of Ohio, Cincinnati Center City Development Corp., The Port of Greater Cincinnati and Visit Cincy. The new hotel will anchor the city’s reimagined Convention District, bringing 700 rooms, 60,000 square feet of meeting space, a 17,000-square-foot events terrace, and upscale amenities, all connected to the newly renovated First Financial Center via a skybridge.
The Cincinnati Downtown Marriott is a critical component of Cincinnati’s $828 million Convention District Revitalization Plan, which included $264 million in renovations to the First Financial Center. The nearby Convention Center Garage has undergone a $28 million project encompassing both acquisition and renovation.
The project financing is supported by $249 million in public support, including a $50 million state capital grant, a $112 million public bond, a $50 million loan from the city and $37 million in proceeds from a state tax credit award.
