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.
The acquisition marks the first investment by Portman Hospitality Fund I, which targets branded, large-scale full-service hotels in major U.S. markets where renovation and brand repositioning can generate long-term value. Portman, a full-service real estate investment, development and management firm, will execute that strategy through its vertically integrated platform covering design, development, capital expenditure 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 deal carries particular significance for Portman: the Westin Peachtree Plaza was originally designed and developed by firm founder John C. Portman, Jr. When it opened in 1976, the 73-story cylindrical tower was the tallest hotel in the world. The building’s mirror-glass facade rises 723 feet above downtown Atlanta, 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 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, U.S. and Canada, Marriott International. “We look forward to continuing to work closely with Portman through our ongoing management of the hotel.”
The Westin Peachtree Plaza acquisition follows Portman’s purchase last year of the 456-key Westin Cincinnati, where renovations will begin this year. The two transactions bring Portman’s hospitality portfolio to 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, set to break ground this summer as part of 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.