We're very excited about the sale of another portfolio of our developed hotels to Blackstone, as this represents continued progress in growing this valuable partnership.
Spartanburg, SC (PRWEB) February 11, 2015
OTO Development, a Spartanburg, South Carolina-based developer, owner and operator of hotels, announces the recent sale of 19 upscale select service hotels to the Blackstone Group, Blackstone, one of the world’s largest alternative asset managers. Hotel brands represented in the transaction include Hampton Inn & Suites, Homewood Suites, Residence Inn, SpringHill Suites, Fairfield Inn, Sheraton, Hyatt Place and Hyatt House.
As part of the sale, OTO Development will retain management of 18 properties, adding to their existing portfolio of 14 hotels currently managed for the Blackstone Group.
CEO of OTO Development Corry Oakes commented, "We're very excited about the sale of another portfolio of our developed hotels to Blackstone, as this represents continued progress in growing this valuable partnership. OTO Development is committed to providing the best in hotel management services, and we look forward to developing more hotels in desirable markets while growing the management portion of our business."
This significant milestone for OTO Development builds on another: the first sale of 14 hotels to Blackstone in 2014. OTO Development's Chief Operating Officer John Anderson said, "OTO has proven its ability to develop hotels in key markets with high barriers to entry, leading to great investments and quality products complemented by superior management services. When it comes to management services, we think like owners because that's exactly what we are."
“Over the next 12 months, we will open multiple beautiful new hotels in California, New York and Illinois while also growing our third party management platform,” said Oakes. “OTO will increase the number of team members by over 10%. These are very exciting times.”
About OTO Development:
Established in 2004, OTO Development is an award-winning, rapidly growing hotel development and management company. Our industry leadership position is anchored by an exciting portfolio of great hotels managed by exceptional people. In the past ten years, OTO Development has developed over 60 hotels and currently operates portfolios of hotels for a publicly traded REIT, private equity firms and high net worth individuals. Today, the company continues its impressive growth with more than $1 billion in urban new development projects in Seattle, San Francisco, Los Angeles, San Diego, Manhattan, south Florida and Washington DC. For more information about OTO Development, please visit otodevelopment.com.