Development/Construction

OTO Development buys Manhattan site for limited-service project

6 Feb, 2012

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Crain's New York reports that South-Carolina-based OTO Development has reached a deal to buy 220-246 W. 41st St. for $36 million from the Brach family with plans to build a limited-service hotel on the site, which is adjacent to the Nederlander Theatre. This is OTO's second land deal in New York in the past 18 months. OTO paid $22 million for a site on West 33rd Street, where construction began in the fall on a Fairfield Inn & Suites. OTO also owns hotels in Garden City, Long Island and Mahwah, N.J.

Topic : OTO Development, New York, Fairfield
External Source : Crain's New York