November 30, 2021 | Investment
OTO Development is building its presence along the Florida Panhandle with the acquisition of SpringHill Suites Panama City Beach Beachfront. The deal complements the company’s construction of Hyatt Place Panama City Beach Beachfront, located just a few blocks away and slated to open in Summer 2022.
As part of The Johnson Group, OTO Development is headquartered in Spartanburg, South Carolina, with a dynamic portfolio of hotels across the country.
“Tripadvisor named Panama City Beach the No. 3 beach in the United States — and we certainly love it, too,” says Corry Oakes, CEO of OTO Development. “A longtime favorite for vacations with friends, this is an increasingly popular destination for couples and families. SpringHill Suites is a proven brand of choice for everyone from single travelers to parents traveling with children.”
That’s because this all-suites property features a pool with a lazy river, fire pits, an event lawn, and multiple food and beverage venues. Other draws include a well-equipped fitness center, 24-hour market and a fresh, free breakfast.
At 11 floors, SpringHill Suites Panama City Beach Beachfront comprises 200 guest suites — some with bunk beds and beanbags — and 2,610 square feet of meeting space. This property opened in June 2019 as the only Marriott-branded beachfront hotel in Panama City Beach; it was constructed by Robins & Morton, the same general contractor currently building OTO’s Hyatt Place in Panama City Beach, which likewise will be the only Hyatt-branded waterfront property in PCB.
“This acquisition adds a strong brand in a strong location to our beachfront portfolio,” says Oakes, noting that in addition to miles of white sand and turquoise water — perfect for beach bums, fishermen and watersport enthusiasts alike — Panama City Beach draws visitors with shopping, dining and diversions at Pier Park as well as an ample calendar of travel sports tourism at Panama City Beach Sports Complex. “There is something for everyone here on the Gulf Coast, and we look forward to hosting them.”
SpringHill Suites Panama City Beach Beachfront is located at 12513 Front Beach Road in Panama City Beach, Florida. Make reservations by calling 850.230.6004 or visiting SpringHillSuitesPanamaCityBeach.com. Follow the hotel on social: Facebook @SpringHillSuitesPanamaCityBeach and Instagram @SpringHillSuitesPCB.
Preston Reid of Berkadia represented the seller in this transaction.