Hampton Inn and Suites: Tampa/Ybor City
OTO Development purchased the whole loan on the Hampton Inn and Suites Ybor City / Tampa. Upon first learning about this opportunity on June 26, 2010 we immediately deployed personnel to Tampa to study the market and evaluate the hotel. OTO underwrote the deal, submitted the winning bid on July 7th and closed on the loan on July 10th, a mere fifteen days from start to closing. OTO has fully taken over ownership and management of the asset, executing a meaningful operational turnaround in a short period of time.
Our team’s extensive knowledge of the hotel industry allows us to quickly and effectively underwrite any U.S. market. When combined with our ample capital resources, OTO Development can close transactions rapidly, thus providing increased investment flexibility and a smooth, stress-free process for the seller.
Fairfield Inn and Suites in Midtown Manhattan
Location: 325 West 33rd St., New York, NY
Room Count: 239
Opening Date: 1st Quarter 2013
The Fairfield Inn & Suites, OTO Development’s first Manhattan hotel, will be located in the dynamic Midtown submarket. Just steps away from Penn Station (America’s busiest train station) and Madison Square Garden (home to the Knicks and Rangers), the hotel will be convenient for both tourists and business travelers. The hotel is centrally located within eight short blocks of Times Square, and the Penn Station subway hub provides guests easy access to all of New York City. The nearly 50 million tourists who visit Manhattan annually will find the grand lobby (20’+ high ceilings), well-appointed rooms, and expansive suites an inviting home away from home.
Corporate travelers will find all of the amenities they need on the road including high-speed internet, a business center, and meeting space. At the end of the day or before one of the more than 200 annual events at Madison Square Garden, guests will be able to enjoy a drink on the rooftop bar (over 200’ above the street) while enjoying incredible views of downtown Manhattan, the Hudson River, and Jersey City.