Portman Eyeing Hotel Project Along BeltLine's Eastside Trail
Portman purchased a more than 1-acre side along the BeltLine's Eastside Trail off Irwin Street in the Old Fourth Ward neighborhood for $5.5M, the Atlanta Business Chronicle reports. The site lies near the Krog Street Market and Atlanta Stove Works.
Portman Holdings CEO Ambrish Baisiwala told the ABC that the firm plans to develop “a very cool lifestyle boutique hotel” of up to 170 rooms. The firm is in talks with hotel flags found in major cities like New York City and Washington, D.C., but not yet in Atlanta.
The project could be one of two new hotels along the BeltLine, including New City's planned Eastside Trail mixed-use project.
While Atlanta's hotel market has been strong, with marketwide occupancy reaching 70% on average, new supply is expected to moderate those gains through 2020, according to a recent report by HVS.
“The Atlanta market is a hot spot for new supply, and developers are looking to add product to the market given that hotels have been able to achieve high occupancies and still maintain those highs with the introduction of new supply,” HVS officials said in the report.
“We are making the BeltLine our front door,” Baisiwala told the ABC. “The BeltLine has been a huge amenity for the community, but it’s also been a huge recruitment tool for companies.”