Portman, through its Portman Hospitality Fund I, LP, has acquired the Westin Peachtree Plaza, a 1,073-key full-service hotel in downtown Atlanta, from Marriott International. The hotel will remain under the Westin brand and continue to be managed by Marriott through a long-term management agreement. Other terms and conditions were not disclosed.
Portman Hospitality Fund I is focused on branded, large-scale full-service hotels in major U.S. markets where comprehensive renovation and brand repositioning can unlock long-term value. The firm will execute the fund’s strategy through its vertically integrated platform, which includes design, development, capital expenditures and hotel operations.
“The fund reflects Portman’s continued focus on creating long-term value through disciplined investment strategies that build on our deep real estate experience,” Ambrish Baisiwala, chairman and CEO of Portman, said in a statement. “As we continue to grow and diversify our investment platform, we remain focused on opportunities where active ownership, strategic reinvestment and a long-term perspective can create meaningful value for investors and the communities we serve.”
The acquisition is especially significant for Portman, as the Westin Peachtree Plaza was originally designed and developed by the firm’s founder, John C. Portman Jr. When it opened in 1976, the 73-story cylindrical tower was the tallest hotel in the world. One of Atlanta’s most recognizable landmarks, the mirror-glass building rises 723 feet above downtown and is located near the Georgia World Congress Center, State Farm Arena, Mercedes-Benz Stadium and the Centennial Yards development.
“Hospitality is in Portman’s DNA,” said Kaunteya Chitnis, managing director of hospitality at Portman. “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. The Westin Peachtree Plaza is exactly the type of asset the fund was created to pursue, with a world-class brand, irreplaceable location and a clear repositioning path supported by our in-house expertise.”
Portman plans to undertake a comprehensive renovation of the hotel’s guestrooms, public spaces and meeting facilities ahead of Super Bowl LXII in 2028.
“Marriott International has maintained a strong, long-standing relationship with Portman, and we are confident in their ability to realize the full potential of the iconic Westin Peachtree Plaza in the years ahead,” said Cameron Read, chief financial officer for U.S. and Canada at Marriott International. “We look forward to continuing to work closely with Portman through our ongoing management of the hotel.”
The transaction follows Portman’s acquisition last year of the 456-key Westin Cincinnati, where renovations are scheduled to begin this year. With these investments, Portman’s hospitality portfolio now includes eight hotels across five major U.S. markets, totaling more than 4,000 guestrooms and approximately $1.5 billion in hospitality assets under management.
Portman is also the master developer of the 700-key Marriott Cincinnati convention headquarters hotel, which is expected to break ground this summer and anchor the city’s $828 million Convention District redevelopment.