Portman reported more than $680 million in hospitality financing activity executed during 2025, reflecting a year that included acquisitions, refinancing and loan modifications across its hotel portfolio. According to the firm, this activity reduced the portfolio’s weighted average interest rate by more than 150 basis points.
A major transaction during the year was the $237.5 million refinancing of the 700-key Hyatt Regency Salt Lake City, which opened in 2022 and is connected to the Salt Palace Convention Center. The refinancing replaced the original construction loan with a SASB CMBS loan while retaining the existing CPACE loan from the initial financing structure. The five-year fully extended loan was priced at SOFR +286.1 basis points and generated a return of equity to partners.
Portman also completed the acquisition of the Westin Cincinnati during the summer. The 456-key full-service hotel is located in downtown Cincinnati. This transaction represented the firm’s first hotel acquisition and marked the launch of its value-add acquisition strategy.
“Last year’s financing activity is a direct result of Portman’s focus on its hotel investment management capabilities,” said Kaunteya Chitnis, managing director of Hospitality at Portman. “This execution further reinforces our position of long-term hotel ownership to achieve long-term returns. Portman has a 70-year legacy in hospitality, and our team is uniquely positioned to be a leader in the hotel space, whether we are enhancing returns on existing assets, pursuing ground-up development, or executing value-add hotel acquisitions.”
Over the past 12 months, Portman expanded its hospitality platform through new hires focused on acquisition, strategic operations and asset management. The firm’s hospitality portfolio consists of seven hotels across five markets with more than 3,000 rooms and over $1 billion in assets under management. Portman stated that it is seeking additional acquisition opportunities in major U.S. markets as part of its current strategy.
“Hotels are resilient,” added Chitnis. “Despite short-term macro headwinds, we continue to see upward trends in consumer spending and a growing demand for the experiential economy, which, coupled with a favorable long-term supply story, are positive bellwether for the future growth of the industry. Looking ahead, we will focus on growing Portman’s hotel portfolio by making strategic acquisitions that leverage our team’s unique capabilities and add long-term value.”
