Kaunteya Chitnis joins the company signaling the renowned developer’s continued commitment and optimism in the hospitality sector
National developer Portman today announces it has hired Kaunteya Chitnis as Managing Director of Hospitality to lead the company’s hotel platform. Chitnis brings diversified real estate experience to the role where he will be responsible for managing the platform’s national operations and spearheading the firm’s hotel investment and development strategy.
Chitnis joins Portman from MCR, the third largest hotel owner operator in the United States where he was Senior Vice President. During his decade-long tenure at MCR, Chitnis supported the firm’s execution of over $3 billion in hotel transaction and development volume. Notably, he led the development of marquee hotel projects including the 512-room TWA Hotel at John F. Kennedy International Airport. Before joining MCR, Mr. Chitnis served as a Senior Associate in Ernst & Young’s Transaction Real Estate Group, where he advised hospitality and leisure clients on mergers and acquisitions, capital markets and valuation. He began his professional career at Citibank’s Institutional Clients Group.
“Portman is one of the most innovative and iconic developers in the country and continues to identify terrific opportunities within the hospitality sector,” said Chitnis. “Hotels are part of Portman’s DNA and the firm has a proven track record of developing uniquely complex and impactful hospitality projects. I am thrilled to be joining the team and am eager to apply my experience and perspective in the industry to grow the platform.”
The company’s announcement comes on the heels of significant hospitality momentum for Portman including last year’s opening of the 725-key Hyatt Regency Salt Lake City and announcement the company has been selected as developer for the new 800-key convention center hotel in Cincinnati. The estimated $480 million project will include up to 80,000 square feet of meeting space directly connected to the Duke Energy Convention Center via skybridge to make the experience as seamless as possible. Market data shows group demand in the hospitality sector remains strong with 2023 outpacing pre-pandemic levels for group bookings despite economic headwinds.
“Premier hotel destinations are an integral part of the Portman legacy both past and present. We continue to be dedicated and optimistic about the future of the hotel industry,” said Ambrish Baisiwala, Portman’s Chairman and CEO. “With Kaunteya onboard, we have the experience and capabilities to continue to execute on our established hospitality strategy as well as pursue new and exciting opportunities in the industry.”
Throughout its 67-year history Portman has developed over 20,000 hotel keys across the world with a portfolio that includes the Atlanta Marriott Marquis, Hyatt Regency San Francisco, Marriott Marquis Times Square, Mandarin Oriental Hotel in Singapore, as well as the Portman Ritz-Carlton is Shanghai. The company has completed projects in partnership with the world’s leading hotel brands including Hyatt, Marriott, Hilton and IHG.
The company currently has over 2 million square feet of hotels under management including the Intercontinental and dual branded Springhill Suites/Residence Inn Marriott in San Diego, Kimpton Sylvan in Buckhead Atlanta, Hotel Indigo Downtown Atlanta, and Hyatt Regency Salt Lake City.
Along with its hotel platform, Portman’s business lines include stand alone and mixed-use office, residential, student housing, retail, industrial and life science developments spanning over 80 million square feet through $20 billion in deployed capital.
To learn more about Portman, visit: https://www.
Portman is a real estate development company with a rich history of developing premier projects that span five decades and three continents. The company was founded by famed architect and developer John C. Portman Jr. who originally pioneered the concept of the architect as a developer and created a global legacy of large- scale mixed-use developments.
The company is now led by Chairman and CEO Ambrish Baisiwala and President John Portman IV. Today, Portman Holdings’ multi-faceted expertise sets the standard of excellence for developing office, residential, industrial, hospitality, and retail mixed-use complexes and stand-alone developments nationally across the USA. Each line of business is led by a Managing Director and supported by a corporate structure.