August 28, 2017 | Awards
OTO Development has earned a spot on the 2017 Inc. 5000 list of the fastest-growing private companies in America. This is the sixth time that OTO, a Johnson Management company, has made the list.
“As a 6th time honoree, OTO Development is part of a very select group of companies,” said Eric Schurenberg, President/Editor-in-Chief of Inc. magazine, in making the announcement. “We call it the Honor Roll and fewer than a tenth of Inc. 5000 honorees -- an already quite select group -- ever achieve this milestone.”
The Inc. 5000 list was announced in August, with a conference/awards gala planned in October.
“What an accomplishment, making the Inc. 5000 Honor Roll,” said Corry Oakes, CEO of OTO Development, a Spartanburg-based hospitality company with a portfolio of 66 -- and counting -- owned and/or managed hotels within the Marriott, Hilton and Hyatt brand families. “Our continued momentum comes via the incredible efforts of our 2,200+ employees, both corporate and on property. We grow by developing excellent properties, providing an exceptional guest experience, and ensuring superior ROI for management clients as well as investors.”
Sustainable growth, according to Oakes, is more than simply increasing numbers.
“It’s not enough to just add room keys to our portfolio,” he said, noting OTO’s smart-growth strategy that comprises new hotel development in key urban markets and the addition of management contracts with clients ranging from publicly traded REITs to private equity firms to high net worth individuals. “OTO intends to be among the fastest-growing companies in lodging with thoughtful, strategic expansion.”
The Inc. 5000 is ranked according to percentage of revenue growth over three full calendar years. Companies must be U.S. based, privately held and independent. Revenue in the initial year must have been at least $100,000, and revenue in the most recent year must have been at least $2 million. A complete list of Inc. 5000 companies is available on the magazine’s website.
OTO Development’s leadership team includes, pictured from left: David Ward, COO; Todd Turner, VP/Real Estate; Corry Oakes, CEO; and Charlie King, CFO.