“Wait, they got HOW much money?”
That was the reaction of basically every Cincinnatian reading the headlines last week when national development group Portman announced it had secured $540 million in financing to develop a Marriott hotel in downtown Cincinnati.
The new, full-service hotel will anchor the city’s reimagined Convention District, bringing 700 rooms, 60,000 square feet of meeting space, a 17,000-square-foot events terrace and upscale amenities to serve the needs of group, business and leisure travelers. The hotel will be connected to the new First Financial convention center downtown via skybridge, and will also feature various retail shops and several ballrooms.
“The upcoming Cincinnati Downtown Marriott Hotel groundbreaking represents a major milestone in the continued transformation of downtown Cincinnati,” said Katie Westbrook, Executive Vice President of Development at Cincinnati Center City Development Corp (3CDC). “This project will not only strengthen the city’s ability to attract large-scale events, but also enhance the overall visitor experience, supporting local businesses and driving long-term economic growth in the urban core. We’re looking forward to seeing the energy and momentum it will bring to the Convention District and the city as a whole.”
The Cincinnati Downtown Marriott is a critical component of the city’s $828 million Convention District Revitalization Plan, which included $264 million in renovations to the First Financial Center, enhancements to surrounding public spaces and improvements to Elm Street Plaza.
The project’s financing is supported by approximately $249 million in public support, including a $50 million state capital grant, a $112 million public bond issuance relying primarily on tax increment financing, a $50 million loan from the city and $37 million in proceeds from a state tax credit award.
“This hotel is a massive milestone in our collective reimaging of Cincinnati’s Downtown,” said Cincinnati Mayor Aftab Pureval. “Local government and businesses are making groundbreaking investments across the Convention District to build the kind of urban fabric that attracts residents and guests from across the world. This catalytic project is a foundational part of getting us to our future.”
Portman is working in partnership with the City of Cincinnati, Hamilton County, the State of Ohio, 3CDC, The Port of Greater Cincinnati and Visit Cincy on the development project.
