Real EstateAcquisitionsOTO Development Adds DoubleTree by Hilton in North Redington Beach to Its...

OTO Development Adds DoubleTree by Hilton in North Redington Beach to Its Portfolio

SPARTANBURG, South Carolina—OTO Development has added the DoubleTree by Hilton in North Redington Beach, Florida, to its growing beachfront portfolio. South Carolina-based OTO Development, which is part of The Johnson Group, acquired DoubleTree Beach Resort by Hilton Tampa Bay-North Redington Beach from the property’s original private ownership group. The transaction, brokered by The Plasencia Group, closed on July 18.

“We are so intrigued by this DoubleTree, which has long been loved for its ideal location and resort-style amenities,” says Corry Oakes, CEO of OTO Development. “There’s incredible opportunity in combining an individual hotel’s attributes with our company’s scaled operational efficiencies.”

Built in 1987, the seven-story, 125-room hotel was constructed to maximize frontage along the Gulf of Mexico. The majority of guestrooms have balconies and many rooms on the non-Gulf side enjoy views of Boca Ciega Bay. An oceanfront restaurant extends onto a veranda and out to a tiki hut, which is adjacent to an outdoor pool. Also facing the Gulf is a 1,272-square-foot meeting room that can accommodate up to 125 people.

“North Redington Beach is nestled mid-way between St. Pete Beach and Clearwater Beach—the No. 1 and No. 18 most popular beaches in the United States, per Tripadvisor,” Oakes says. “This well-positioned DoubleTree provides a full-service option for travelers who want a relaxing Gulf Coast getaway.”

Upon swap of keys, OTO will immediately implement scaled efficiencies in operations, revenue management, and marketing support. A renovation, planned to begin in late summer 2023, will comprise a total refresh in all common spaces; aesthetic updates and bath upgrades in guestrooms; and enhancements to the exterior. The hotel will remain open during renovations and, upon completion, will continue under the DoubleTree by Hilton flag.

DoubleTree in North Redington Beach is the tenth oceanfront property OTO has purchased since Q4 2018 and one of seven along the coastlines of Florida. In addition to this latest acquisition, the company’s on-the-sand portfolio includes hotels in Key West, Marathon, Panama City Beach, St. Pete Beach, Fort Walton Beach, and Cocoa Beach, Florida; Myrtle Beach, South Carolina; Wrightsville Beach, North Carolina; and Ocean City, Maryland. OTO’s new Hyatt Place in Panama City Beach is opening soon; other leisure developments and acquisitions are in the pipeline.