OTO Development has added DoubleTree by Hilton Cocoa Beach Oceanfront to its portfolio.
South Carolina-based OTO Development, which is part of The Johnson Group, acquired the DoubleTree by Hilton in Cocoa Beach, Fla., from Pandey Hotel Group of New Zealand. The transaction was brokered by Paul Weimer, Christian Charre, Jennifer Jin and Andrew Pastorino, all of CBRE Hotels.
This is the sixth oceanfront property OTO has purchased since the fourth quarter of 2018.
Originally built in 1987, DoubleTree Cocoa Beach closed following Hurricane Irma in fall 2017; it reopened in June of this year after undergoing an extensive renovation. Upon swap of keys, OTO will launch a $3 million repositioning of the 150-room property, with plans to convert four small meeting areas into seven additional guestrooms; construct a new resort-style pool complete with lazy river; build out the beach bar; and refresh 8,000 square feet of meeting and event space.
Current F&B space will transition to Coconut Charlie’s Beach Bar & Grill, an original coastal concept initially launched at OTO’s Hilton Garden Inn in St. Pete Beach.