Developers outline $537M downtown headquarters hotel, say financial close expected in Q4; $20M gap remains

Hamilton County commissioners received a detailed update June 24 on the proposed downtown headquarters hotel, which developers said will total about $537 million, include roughly 700 rooms and the city’s largest hotel ballroom, and is scheduled for construction completion in the second quarter of 2028.

Portman Holdings’ development lead Reid Scott told the Board of County Commissioners the project “is looking at a project's cost of about $536,000,000. We are anticipating a financial close in the fourth quarter of this year.” Scott said the hotel program includes roughly 62,000–63,000 square feet of interior meeting space and 17,000–18,000 square feet of rooftop terrace space, plus a planned sky bridge linking the hotel to the renovated convention center.

The update placed the hotel’s opening after the convention center renovation. Katie Westbrook, senior vice president of development at 3CDC, said the convention center construction remains on schedule and the plaza will open this November, with the first convention event planned for Jan. 13.

Why it matters: County staff and developers said the new hotel and the convention center will operate as an integrated meeting destination designed to attract…