OTO Development Moves Into Atlanta Market With New Management Contract
Spartanburg-Based Hotelier Adds Hyatt House Atlanta Downtown to Managed Portfolio
OTO Development, part of The Johnson Group, has added Hyatt House Atlanta/Downtown to its managed portfolio. The Spartanburg SC-based hospitality company develops and operates its own set of select-service hotels while also lending expertise to ownership groups ranging from publicly traded REITs to private equity firms to high net worth individuals.
The most recent third-party management contract, signed earlier this month, represents OTO's entry into the dynamic Atlanta market.
"Metro Atlanta offers exciting opportunities to expand our managed portfolio," says Corry Oakes, President/CEO of OTO Development, whose corporate headquarters is just 175 miles north of Atlanta along the bustling I-85 Corridor. "We are eager to combine this market's metrics with OTO's proven operations strategy to increase revenue, profitability and guest satisfaction."
With 849 hotels comprising just over 100,000 guest rooms, Atlanta's ADR has increased 4.5% in the past 12 months, according to Smith Travel Research. Even with 32 hotels currently under construction and another 79 properties in the planning stages, the market is expected to see RevPAR growth up to 7% this year, while the majority of the top 25 US markets will increase revenue per available room by 1% to 3%.
"This is a strong market," Oakes says, "and we like the challenge of yielding positive, measurable results in the performance and profitability of downtown Atlanta's Hyatt House."
Located at 431 Marietta St. NW, Hyatt House Atlanta/Downtown is just steps away from the Georgia Aquarium, Mercedes-Benz Stadium, World of Coca-Cola and Centennial Olympic Park. This ideal proximity complements on-site amenities including the H Bar, H Market, 24/7 fitness center and heated outdoor pool.
Tim Langley, previously OTO's Director of Operations Support, has been named General Manager of the 150-room extended stay property.
"Hyatt House Atlanta/Downtown already has an excellent sales and operations staff, all committed to trademark southern hospitality," Langley says. "To this, OTO can add its powerful support platform - comprising technology, human resources, revenue management and eCommerce functions - to help the hotel outperform our comp set."