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.
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.
Our Dania Beach, FL property was an unregistered fill site that was originally thought to be simply construction debris from the adjacent highway construction, but upon further investigation was designated as an unregistered landfill by the state and local county. The site was dynamically compacted in order to reduce the grades and reduce the amount of removal and disposal required. A previously undetected ammonia plume was discovered and remediated by soil removal and disposal. A lined retention pond on the north end of the site was required due to county concerns of groundwater migration. Both hotel structures were placed on driven concrete piles with caps and grade beams. Two feet of clean fill was required in all landscaped areas.
The overall Ft. Belvoir, VA site was clean, but a drainage ditch along the road frontage had to be remediated with removal and disposal due to past spills from a gas station several lots away.
This site was listed by Fairfax County as an Orange site due to levels of naturally occurring asbestos below grade. All material removed from the site, including rock from the blasting operation, was removed and disposed of properly. Special site measures were instituted during excavation and blasting in order to prove adequate air quality recording.
When this property was purchased the site had existing structures which were demolished. These existing structures had to be cleared of contaminates prior to demolition and special measures had to be put into place during demolition.
OTO Development purchased an existing, historic, office building in Baltimore, MD and made necessary renovations to convert the building into a hotel. Due to the age of the building, it required substantial asbestos abatement and lead removal. All materials were removed and disposed of properly. Certain areas of the building were abated prior to occupant vacating, so the abatement had to occur under a negative pressure situation to control indoor air quality.
The above list is a small example of various development projects which OTO Development and our predecessor company, Extended Stay America, have developed which required handling of wide ranges of environmental challenges.
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