Acquisition marks the first investment by Portman’s fund focused on value-added “big-box” hotels
ATLANTA–(BUSINESS WIRE)–Portman, the full-service real estate investment, development and management firm, today announced that 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 in Marriott’s portfolio under a long-term management agreement.
Portman Hospitality Fund I is focused on pursuing branded, large-scale full-service hotels in major U.S. markets — assets where comprehensive renovation and brand repositioning can unlock long-term value. Portman will execute the strategy in-house through its vertically integrated platform spanning design, development, capex 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,” said Ambrish Baisiwala, Chairman and CEO of Portman. “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 of the Westin Peachtree Plaza is particularly notable for Portman, as it 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 building’s signature mirror-glass facade rises 723 feet above downtown Atlanta in the heart of the city’s business and entertainment district, 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, 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.”
Portman will launch a comprehensive renovation that will reposition the Westin Peachtree Plaza’s guestrooms, public spaces and meeting facilities prior to 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, U.S. and Canada, Marriott International. “We look forward to continuing to work closely with Portman through our ongoing management of the hotel.”
Portman’s purchase of the Westin Peachtree Plaza follows last year’s acquisition of the 456-key Westin Cincinnati, where renovations will commence this year. With these two transactions, Portman’s hospitality portfolio now includes eight hotels across five major U.S. markets, totaling more than 4,000 rooms 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 scheduled to break ground this summer and will anchor the city’s $828 million Convention District redevelopment.
Across all asset classes, Portman’s development platform has produced approximately 80 million square feet of space and deployed more than $20 billion of capital since inception.
To learn more about Portman, visit portmanholdings.com.
Important Notices and Disclaimers
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. This press release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. Portman undertakes no obligation to update any forward-looking statements.
About Portman
Portman Holdings, LLC is a national real estate investment, development and management firm with a 70-year history spanning five decades and three continents. Founded by famed architect and developer John C. Portman, Jr., who originated the concept of the architect as developer and created a global legacy of large-scale mixed-use developments, the firm is led today by Chairman and CEO Ambrish Baisiwala and President John Portman IV. Portman’s expertise spans office, hospitality, residential, industrial, retail, multifamily and mixed-use development throughout the United States.
Portman is widely recognized as a leading developer and investor in full-service hotels and pursues growth through both ground-up development and value-add acquisitions. The firm currently has approximately $1.5 billion of hospitality assets under management comprising eight hotels and more than 4,000 rooms across five major U.S. markets. The hospitality portfolio includes the Hyatt Regency Salt Lake City, the Westin Charlotte, the InterContinental San Diego Bayfront, the Residence Inn / Springhill Suites San Diego Bayfront, the Indigo Atlanta Downtown, the Kimpton Sylvan Buckhead, the Westin Cincinnati and the Westin Peachtree Plaza.
Portman has developed or owned more than 20 hotels totaling approximately 18,000 keys including the Hyatt Regency Atlanta — where the firm pioneered the multi-story atrium hotel concept that became an industry standard — the Atlanta and New York Marriott Marquis properties, the Hyatt Regency San Francisco, the Hilton San Diego Bayfront and the Portman Ritz-Carlton Shanghai. The firm has a long history working with leading global hotel brands, including Marriott, Hyatt, Hilton and IHG.
About Marriott International
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 9,900 properties in 146 countries and territories, as of March 31, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit news.marriott.com/. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Note: Marriott received advisory support from CBRE in connection with the sale of the hotel.
Contacts
Media Contact
Allie Cyr
The Wilbert Group
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