ATLANTA—OTO Development is finding new ways to grow its hotel portfolio.
The Spartanburg, South Carolina-based company’s portfolio comprises about 70 hotels and 8,000 rooms, and although traditionally a developer of new-build hotels in primarily high-barrier-to-entry markets, the company has expanded to acquiring existing properties and renovating them.
“We crossed $450 million in managed revenues (in 2018), and this year we’ll be north of $500 million, so pretty good growth from that standpoint,” said Corry Oakes, founder, president and CEO of OTO Development during an interview with Hotel News Now at the Hunter Hotel Conference. “We purchased a couple hotels towards the end of the calendar year, which is new for us—historically we’ve been a developer. So we purchased three hotels last year, and then we’re continuing our normal development process.”
Read the full story: HNN – OTO Development CEO talks pipeline, outlook, innovation