Portman plans new 700-room hotel and major renovation in downtown Cincinnati

Hamilton County is set to enhance its convention market with a significant hotel development project, following a recent meeting of the Hamilton County Commissioners. The proposed hotel, which will feature 700 rooms, aims to modernize the lodging landscape in downtown Cincinnati and is expected to increase hotel supply in the area by approximately 19%.

Portman Holdings, the developer behind the project, is committed to acquiring and renovating an existing hotel nearby, which will complement the new hotel and provide additional room blocks for convention attendees. This strategic move is designed to improve the overall quality of accommodations in the region, addressing concerns about outdated hotel facilities that have previously hindered the market's growth.

The financing for this ambitious project involves a combination of public and private funding sources. The city plans to issue $40 million in bonds and provide a $50 million loan at a 3% interest rate, supported by anticipated hotel tax revenues and property tax contributions. This financial strategy is expected to generate around $8.5 million annually, which will be used to service the debt and support the project’s development.

In addition to the hotel, the meeting highlighted the importance of Elm Street Plaza, a public space that will be managed by a partnership involving the city and 3CDC. This area is intended to serve both convention-goers and the general public, with programming that will enhance the overall experience of visitors to the convention center.

The county officials expressed optimism about the project, noting that it represents a collaborative effort among various stakeholders, including the state, city, and private sector. The anticipated completion of the hotel and renovations is expected to significantly boost the local economy by attracting more conventions and events to Hamilton County.

As the project moves forward, the county is committed to ensuring that the new developments not only meet the needs of the convention market but also provide accessible public spaces for community use. The next steps will involve finalizing agreements and continuing to engage with stakeholders to bring this vision to fruition.