OTO Development Secures $11.3 Million Loan from SunTrust Bank

Proceeds to be used for construction of new Home2 Suites by Hilton Mount Pleasant Hotel

. September 21, 2016

MOUNT PLEASANT, S.C. September 21, 2016 - OTO Development, a hospitality group specializing in hotel development and management throughout the United States, announced today that it secured an $11.3 million loan from SunTrust Bank. The financing will be used to build Home2 Suites by Hilton Mount Pleasant, a four-story hotel featuring 122 suites. Located at 1650 James Nelson Road, 15 minutes from historic downtown Charleston, the hotel will be part of a new master planned mixed-use development led by OTO Development affiliate Johnson Development Associates.

“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, chief financial officer 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.”

Home2 Suites Mount Pleasant, part of Hilton's all-suite extended stay hotel brand, is expected to produce 25 full-time jobs. The hotel will offer guests suite accommodations featuring fully-equipped kitchens and modular furniture allowing for guests to personalize their room. Additional amenities include complimentary Internet and breakfast, an outdoor pool, grill and patio area, and a 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 hotel is currently under construction and scheduled for completion in October 2017. OTO Development will manage the property once the hotel is complete.

About OTO Development, LLC

OTO Development, based in Spartanburg, S.C., has become one of the nation's fastest growing hospitality companies. Founded in 2004, OTO Development develops and operates the best branded hotels in high-growth markets across the United States. The Company has developed 70 hotels since inception and currently has 49 properties under management. For more information, visit www.otodevelopment.com.

Business Contact:

Andrew Agan
T: (404) 816-2037
E: [email protected]

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