SPARTANBURG, SC (December 11, 2019) – OTO Development has jumped into the seaside hotel market in St. Pete Beach by purchasing the Howard Johnson by Wyndham St. Pete Beach FL Resort Hotel. The purchase was finalized on December 5 between the Reagan Family Trust and OTO Development.
“We are continually surveying the market in key travel destinations for opportunities to expand our portfolio,” said Corry Oakes, CEO of OTO Development. “We are excited to have this St. Pete Beach property as part of our family and getting started on renovations to improve the guest experience.”
Preston Reid, previously a senior director with JLL, brokered the sale, along with his team of Wyatt Krapf and Collier Proctor. Reid has since joined Berkadia as managing director. The parties were able to finalize the deal with minimal delay due to the family to family nature of the transaction.
OTO Development, part of the Johnson Group based in Spartanburg, SC, continues to expand its national hotel portfolio in the upscale select-service and extended stay markets. The company has built its reputation by developing new hotels as well as purchasing and repurposing existing properties in prime locations. OTO recently transformed the Best Western Key Ambassador Inn in Key West into the new Hampton Inn Key West. The company also redeveloped the O’Callaghan Hotel in downtown Annapolis, MD, into a Hilton Garden Inn.
OTO Development will begin a complete renovation of the existing property over the next couple of years, including all 136 guest rooms, all public areas, and the pool. The hotel, originally built in 1970, will remain open during the renovation.