Portman announced that Portman Hospitality Fund I, LP has acquired the 1,073-room Westin Peachtree Plaza in downtown Atlanta from Marriott International. The hotel will remain under Marriott’s management through a long-term agreement.
The acquisition marks the first investment for Portman Hospitality Fund I, which targets large-scale branded full-service hotels in major U.S. markets. The fund focuses on properties where renovations and brand repositioning can create long-term value. Portman plans to execute this strategy through its integrated platform covering design, development, capital improvements, and hotel operations.
According to Portman, the acquisition aligns with the firm’s broader strategy of pursuing opportunities where active ownership, strategic reinvestment, and long-term stewardship can generate value for investors and local communities.
The Westin Peachtree Plaza holds particular significance for Portman because it was originally designed and developed by the company’s founder, John C. Portman Jr.. Opened in 1976, the 73-story cylindrical tower was the tallest hotel in the world at the time. The landmark property stands 723 feet above downtown Atlanta and is located near major destinations including the Georgia World Congress Center, State Farm Arena, Mercedes-Benz Stadium, and the Centennial Yards.
Portman said it plans to undertake a comprehensive renovation of the hotel’s guestrooms, public areas, and meeting facilities ahead of Super Bowl LXII.
The acquisition follows Portman’s purchase of the 456-room The Westin Cincinnati last year, where renovations are expected to begin this year. Following the two acquisitions, Portman’s hospitality portfolio consists of eight hotels across five major U.S. markets, representing more than 4,000 rooms and approximately $1.5 billion in hospitality assets under management.
Portman is also serving as master developer for a planned 700-room Marriott convention headquarters hotel in Cincinnati, which is expected to anchor the city’s $828 million Convention District redevelopment project.
Across all asset classes, Portman said its development platform has produced approximately 80 million square feet of real estate and deployed more than $20 billion in capital since inception.
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“The fund reflects Portman’s continued focus on creating long-term value through disciplined investment strategies that build on our deep real estate experience. 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.”
Ambrish Baisiwala, Chairman and CEO, Portman
“Hospitality is in Portman’s DNA. Our fund’s strategy is designed to capitalize on structural shifts in the market, especially as irreplaceable assets in major U.S. cities enter a renovation cycle. The Westin Peachtree Plaza is exactly the kind of asset we built the fund to capture: a world-class brand, irreplaceable downtown real estate and a clear repositioning path that we have the in-house expertise to execute.”
Kaunteya Chitnis, Managing Director of Hospitality, Portman
“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. We look forward to continuing to work closely with Portman through our ongoing management of the hotel.”
Cameron Read, Chief Financial Officer, U.S. and Canada, Marriott International
