CINCINNATI — Project developer Portman Holdings announced it closed on $540 million in financing to develop the downtown Cincinnati convention headquarters hotel.
The Marriott Hotel will be built just south of the center, on a plot of land at Plum Street and Fifth Street. It's expected to have roughly 700 rooms, more than 62,000 square feet of state-of-the-art meeting space, a 17,445 square-foot events terrace and upscale amenities tailored toward the needs of group, business and recreational travelers.
It will also have multiple ballrooms, ground-floor retail and an outdoor terrace that will overlook Fifth Street. The hotel will connect to the convention center by a sky bridge, according to Portman Holdings.
The project is being completed through a public-private partnership with the City of Cincinnati, Hamilton County and the State of Ohio, with private investment from Aimbridge Hospitality.
“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," Ambrish Baisiwala, chairman and CEO of Portman, said in a statement. "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.”
Along with Marriott, Cincinnati Center City Development Corp., The Port and Visit Cincy are all partnering with Portman Holdings on the project.
Officials said the groundbreaking for the hotel is planned for 10 a.m. July 21.
