OTO Development, a company focused on the development and management of hotels throughout the U.S., secured a loan from SunTrust Bank for the construction of a Home2 Suites in Mount Pleasant, S.C.
The $11.3-million loan will finance the construction of the four-story, 122-suite hotel at 1650 James Nelson Road, and the hotel will be part of a new master-planned, mixed-use development led by OTO affiliate Johnson Development Associates. The property will be located 15 minutes from historic downtown Charleston.
“This funding is a key step toward completion of the Home2 Suites Mount Pleasant hotel, which will create a well-appointed, cost-effective lodging experience for professionals traveling on business or families exploring the area and nearby attractions,” said Charlie King, CFO for OTO Development. “This development will not only enhance Mount Pleasant’s ability to draw visitors and business travelers, but it will also bring permanent jobs to the community.”
When completed, the hotel is expected to add 25 full-time jobs to the area. Guestrooms will include suite accommodations with fully-equipped kitchens, complimentary Internet, free breakfast every day, an outdoor pool, grill and patio area and the Spin2 Cycle combined exercise and laundry area.
“OTO Development has a long track record of building successful hotels across the United States,” said Andy Holland, Carolinas and Tennessee market manager for SunTrust Commercial Real Estate. “We are pleased to play a role in building this hotel and believe it will greatly benefit Mount Pleasant and contribute to the success of the broader mixed-use development.”
The Home2 Suites Mount Pleasant is expected to be completed October 2017. OTO will manage the finished hotel.