Hospitality

CINCINNATI — Multinational construction and development company Skanska has been awarded a $325 million contract with Atlanta-based developer Portman Holdings to construct a 21-story Marriott-branded hotel in downtown Cincinnati. The 700-key, full-service hotel will be located next to the newly renovated First Financial Center convention center. According to the development team, the hotel will be the first “true” Marriott-branded hospitality property in downtown Cincinnati, although hotels bearing Marriott brands such as AC Hotels and Renaissance are already in operation. Amenities will include multiple ballrooms, 62,250 square feet of meeting and event space, 17,445 square feet of outdoor terrace space, restaurant and a hotel bar.   Additionally, Portman Holdings has secured $410 million in private funding, according to the Cincinnati Business Courier. Bank OZK provided the senior construction loan and Huntington National Bank provided a bridge loan.  The Cincinnati Business Courier also reports that the public funding component of the project was secured in March when the Port of Greater Cincinnati Development Authority approved the sale of $130 million in tax-exempt bonds. The project is a public-private partnership with the public share totaling 46 percent. The port purchased the site, which at the time was a surface parking lot in 2018. Construction is slated to begin in …