A city-backed $40 million loan and three decades of tax exemptions are headed to a new full-service headquarters hotel planned for Cincinnati’s Central Business District, according to city business disclosure records.
City records list multiple ordinances tied to the project, authorizing a $40 million loan from the city’s Urban Development Bond Fund to developer Portman Holdings, an Atlanta-based firm, and its local entity Cincinnati CH (OH), LLC, represented by Reid Scott.
The hotel is planned for 240 W. Fourth St. and 251 W. Fifth St. in the Central Business District, with Hamilton County named as a co-signatory on the development agreement.
What the city is giving up—and what it gets back
The incentive package covers two distinct tax breaks, each lasting 30 years…