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Spartanburg,
SC – December 2021 / Newsmaker Alert / OTO
Development is building its presence along the Florida Panhandle with
the acquisition of SpringHill
Suites Panama City Beach Beachfront. The deal complements the company’s
construction of Hyatt Place Panama City Beach Beachfront, which is slated
to open in Summer 2022.
As
part of The Johnson Group, OTO Development is headquartered in Spartanburg,
South Carolina with a dynamic portfolio of hotels across the country.
“Tripadvisor
named Panama City Beach the #3 beach in the United States – and we certainly
love it, too,” says Corry
Oakes, CEO of OTO Development. “A long-time favorite for vacations
with friends, this is an increasingly popular destination for couples and
families. SpringHill Suites is a proven brand of choice for everyone from
single travelers to parents traveling with children.”
That’s
because this all-suites property features a pool with a lazy river, fire
pits, an event lawn, and multiple food and beverage venues. Other draws
include a well-equipped fitness center, 24-hour market and a fresh, free
breakfast.
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At
11 floors, SpringHill Suites Panama City Beach Beachfront comprises 200
guest suites – some with bunkbeds and beanbags – and 2,610-square-feet
of meeting space. This nearly-new property opened in June 2019 as the only
Marriott-branded beachfront hotel in Panama City Beach; it was constructed
by Robins & Morton, the same general contractor currently building
OTO’s Hyatt Place in Panama City Beach, which likewise will be the only
Hyatt-branded waterfront property in PCB.
“This
acquisition adds a strong brand in a strong location to our beachfront
portfolio,” says Oakes, noting that in addition to miles of white sand
and turquoise water – perfect for beach bums, fishermen and watersport
enthusiasts alike – Panama City Beach draws visitors with shopping, dining
and diversions at Pier Park as well as an ample calendar of travel sports
tourism at Panama City Beach Sports Complex. “There is something for everyone
here on the Gulf Coast, and we look forward to hosting them.”
SpringHill
Suites Panama City Beach Beachfront is located at 12513 Front Beach Road
in Panama City Beach, Florida. Make reservations by calling 850.230.6004
or visiting SpringHillSuitesPanamaCityBeach.com.
Follow the hotel on social: Facebook @SpringHillSuitesPanamaCityBeach
and Instagram @SpringHillSuitesPCB.
Preston
Reid of Berkadia represented the seller in this transaction.
About
OTO Development
OTO
Development, part of The Johnson Group, is an award-winning, fast-growing
hotel development and hospitality management company. Founded in 2004 and
partnering with the Hilton, Hyatt, IHG and Marriott brands, OTO’s industry
leadership position is anchored by a portfolio of excellent hotels staffed
by exceptional people. The company currently owns and/or operates ~70 hotels
comprising approximately 8,000 room keys. OTO’s growth is focused on developing
new hotels in high-barrier-to-entry markets; purchasing and repurposing
existing hotel properties; and expanding management contracts with clients
ranging from publicly traded REITs to private equity firms to high-net-worth
individuals. For more information, visit OTODevelopment.com.
Media
Contact:
Diane
Jackson
Director
of Public Relations
&
Corporate Communications
OTO
Development
864-327-6274
Website
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