Iconic downtown hotel skyscraper changes hands; renovation coming

Atlanta’s sixth tallest building is set for a homecoming of sorts.

Officials with longstanding Atlanta developer and real estate investment firm Portman today announced their hospitality fund has acquired the Westin Peachtree Plaza, an iconic, 1,073-key hotel that’s stood tall on downtown’s skyline for 50 years.

Portman Hospitality Fund I, which focuses on acquiring large-scale full-service hotels in major U.S. markets, bought the downtown tower from Marriott International for an undisclosed price, officials announced today.

Marriott will keep Westin Peachtree Plaza in its portfolio under a long-term management agreement. The famous, cylindrical property originally opened in 1976 and was surpassed last year by Midtown’s 1072 West Peachtree skyscraper for the fifth-tallest slot among Atlanta high-rises.

The acquisition comes as Portman’s plans for a major, contested redevelopment are coming into clearer focus at the Amsterdam Walk district along Piedmont Park and the Atlanta Beltline.

According to Portman officials, a “comprehensive renovation” is in the works that that will reposition Westin Peachtree Plaza’s public spaces, guest rooms, and meeting facilities prior to Atlanta’s Super Bowl LXII in early 2028.

Courtesy of Portman

As any Atlantan knows, Portman’s purchase of the 73-story building is notable in that the firm’s founder, John C. Portman, Jr., originally designed and developed it. When it opened five decades ago at 723 feet, it stood as the tallest hotel in the world, and it remains one of Atlanta’s most recognizable architectural landmarks.

Portman’s purchase of the Westin Peachtree Plaza follows last year’s acquisition of the 456-key Westin Cincinnati, where renovations are scheduled to begin this year.

“The fund reflects Portman’s continued focus on creating long-term value through disciplined investment strategies that build on our deep real estate experience,” said Ambrish Baisiwala, Portman CEO and chairman, in a statement regarding the hotel purchase.

Added Cameron Read, Marriott International’s chief financial officer in the U.S. and Canada: “Marriott International has maintained a strong, long-standing relationship with Portman, and we are confident in their ability to realize the full potential of the iconic Westin Peachtree Plaza in the years ahead.”

Courtesy of Portman