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Spartanburg,
SC – March 2022 / Newsmaker Alert / OTO
Development has acquired Best Western Fort Walton Beach in the Florida
Panhandle, adding a promising oceanfront property to the hotelier’s growing
leisure portfolio. A major renovation is planned.
David
Altman and Robert Hunter of Marcus
& Millichap represented the seller in this transaction, which closed
on February 28. OTO, which is part of The Johnson Group, develops, owns
and operates select-service hotels across the country.
“Visitors
are enthralled by the balmy weather, sugar-sand beaches and emerald waters
of Fort Walton Beach – and as hoteliers, we are, too,” says Corry
Oakes, CEO of OTO Development. “We intend to make the most of this
property’s enviable position on Okaloosa Island.”
Built
in 1998, Best Western Fort Walton Beach comprises six floors and 100 guestrooms,
60 of which feature balconies overlooking the Gulf. A top-to-bottom refresh
is expected to begin in September with completion slated by April 2023.
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OTO
is partnering with Pond, a Georgia-based engineering, architecture and
planning firm, for a fully reimagined design that flows from the building’s
exterior through all shared spaces and guestrooms. A well-equipped gym
will be added. What’s currently a small bar and tiki hut will be enhanced
into a full-service restaurant with an activated lounge experience. A variety
of structural and back-of-the-house upgrades are planned as well.
Best
Western Fort Walton Beach is located less than one mile from the Destin-Fort
Walton Beach Convention Center, the Gulfarium Marine Adventure Park and
the Okaloosa Island Boardwalk. The hotel is part of a strong drive-to market
that’s popular with leisure travelers while also catering to military and
government guests with proximity to Eglin Airforce Base, Hurlburt Field
and private-sector defense companies. Best Western Fort Walton Beach is
located at 380 Santa Rosa Blvd. in Fort Walton Beach, Florida. Travelers
can make
reservations online or call the hotel at 850-243-9444.
About
OTO Development
OTO
Development, part of The Johnson Group, is an award-winning, fast-growing
hotel development and hospitality management company. Founded in 2004 and
partnering with the Hilton, Hyatt, IHG and Marriott brands, OTO’s industry
leadership position is anchored by a portfolio of excellent hotels staffed
by exceptional people. The company currently owns and/or operates ~70 hotels
comprising approximately 8,000 room keys. OTO’s growth is focused on developing
new hotels in high-barrier-to-entry markets; purchasing and repurposing
existing hotel properties; and expanding management contracts with clients
ranging from publicly traded REITs to private equity firms to high-net-worth
individuals. For more information, visit OTODevelopment.com.
Media
Contact:
Diane
Jackson
Director
of Public Relations
&
Corporate Communications
OTO
Development
864-327-6274
Website
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