ATLANTA, Georgia—Portman introduced that Portman Hospitality Fund I, LP, has acquired the Westin Peachtree Plaza, a 1,073-key full-service resort in downtown Atlanta, Georgia, from Marriott Worldwide. The resort will stay in Marriott’s portfolio underneath a long-term administration settlement.
Portman will execute the technique in-house via its vertically built-in platform spanning design, improvement, capex, and resort operations.
The acquisition of the Westin Peachtree Plaza is especially notable for Portman, because it was initially designed and developed by the agency’s founder, John C. Portman, Jr. When it opened in 1976, the 73-story cylindrical tower was the tallest resort on the planet. The constructing’s signature mirror-glass facade rises 723 ft above downtown Atlanta within the metropolis’s enterprise and leisure district, close to the Georgia World Congress Heart, State Farm Area, Mercedes-Benz Stadium, and the Centennial Yards improvement.
Portman will launch a complete renovation that can reposition the Westin Peachtree Plaza’s guestrooms, public areas, and assembly services earlier than Tremendous Bowl LXII in 2028.
Statements From Management
“The fund displays Portman’s continued concentrate on creating long-term worth via disciplined funding methods that construct on our deep actual property expertise,” mentioned Ambrish Baisiwala, chairman and chief government officer of Portman. “As we proceed to develop and diversify our funding platform, we stay centered on alternatives the place lively possession, strategic reinvestment, and a long-term perspective can create significant worth for traders and the communities we serve.”
“Hospitality is in Portman’s DNA,” mentioned Kaunteya Chitnis, Managing Director of Hospitality at Portman. “Our fund’s technique is designed to capitalize on structural shifts out there, particularly as irreplaceable property in main U.S. cities enter a renovation cycle. The Westin Peachtree Plaza is strictly the type of asset we constructed the fund to seize: a world-class model, irreplaceable downtown actual property and a transparent repositioning path that we have now the in-house experience to execute.”
“Marriott Worldwide has maintained a powerful, long-standing relationship with Portman, and we’re assured of their means to comprehend the total potential of the long-lasting Westin Peachtree Plaza within the years forward,” mentioned Cameron Learn, Chief Monetary Officer, U.S. and Canada, Marriott Worldwide. “We look ahead to persevering with to work intently with Portman via our ongoing administration of the resort.”
