OTO acquires new properties in vacation destinations
OTO has continued to find acquisition opportunities to add best-in-class hotels to its portfolio. Recently, it added the DoubleTree Cocoa Beach as the sixth oceanfront property purchased since Q4 2018. Located on the Space Coast of Florida, this hotel is proximate to the many attractions of the area – space, military, sports, cruise, and, of course, beach. With plans to reposition the property, its renovation will include adding guest rooms, constructing a new resort-style pool complete with a lazy river, building out a beach bar, and refreshing 8,000 square feet of meeting and event space.
This acquisition in Cocoa Beach, FL, joins the other beachfront properties in the OTO portfolio in markets like Key West, Marathon, and St. Pete Beach, FL; Wrightsville Beach, NC; and Myrtle Beach, SC.
The OTO team has not only sought opportunity in the leisure markets of Florida and the Carolinas but also in markets with other vacation demand drivers, such as just outside of Yosemite National Park. Each year, more than 4.5 million people travel to Yosemite, and OTO has recently acquired two hotels, with a third under contract, in Oakhurst, CA. These hotels are the closest branded hotels to the entrance of the park.
As Corry Oakes, CEO of OTO Development, says, “Travelers love to be awed and surprised by Yosemite’s natural wonders, which include two wild and scenic rivers, waterfalls, granite cliffs, and ancient giant sequoias, but they like the familiarity of their favorite hotel brands.”
OTO is excited about these recent additions, and the team looks forward to a number of other opportunities on the horizon. OTO also has multiple hotels under development.
JDA’s team builds strong development pipeline, pursues acquisition opportunities
JDA’s team has also experienced tremendous growth. With a robust pipeline of industrial projects under development across the Sunbelt, the Industrial team is more active than ever. Likewise, the Self-Storage team continues to source new deals across Southern California, the Mid-Atlantic, and the Southeast.
In recent months, JDA’s Multifamily team has acquired new properties, in addition to continuing its development pursuits. The
team closed on its first acquisition, Waterleaf at Battery Creek, in Beaufort, SC, this summer. This community is a recently developed 212-unit property.
The Multifamily Division also closed on The Monty, a 300-unit property in North Charleston, at the end of August. This 300-unit community is a newly developed project built by Greystar that has experienced phenomenal leasing activity. The pursuit of this opportunity was competitive, with JDA’s South Carolina ties and reputation ultimately influencing the seller’s decision.
JDA will continue to opportunistically acquire properties, but ground-up development will be core to its long-term strategy. Development activity continues across all three asset classes.