Portman Hospitality Fund I has purchased the 1,073-room full-service hotel, Westin Peachtree Plaza, which is located in downtown Atlanta, US, from Marriott International.
Despite the change in ownership, Marriott will continue to operate the property under a long-term management agreement.
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Situated near major local landmarks such as the Georgia World Congress Center and State Farm Arena, the hotel is set for comprehensive renovations of its guest rooms, meeting facilities and public spaces ahead of Super Bowl LXII in 2028.
Portman Hospitality Fund I is focused on large-scale, branded hotels in major markets in the US, aiming to add value through renovation and brand repositioning.
Portman chairman and CEO Ambrish Baisiwala said: “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.”
The Westin Peachtree Plaza building was originally designed and developed by company founder John Portman Jr.
Marriott International US and Canada chief financial officer Cameron Read said: “Marriott International has maintained a strong, long-standing relationship with Portman, and we are confident in their ability to realise 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.”
Portman’s portfolio now includes eight properties with more than 4,000 rooms, managed hospitality assets valued at about $1.5bn, and recent acquisitions such as the 456-room Westin Cincinnati.
The company’s development activities since its founding have included nearly 80 million square feet of space and deployment of over $20bn in capital.
