OTO, Monarch acquire Florida properties; more transactions

OTO Development and Monarch Alternative Capital have each acquired hotels in Florida, while Waterton and Linchris Hotel Corporation have purchased properties in California and Massachusetts, respectively.

OTO Development acquires SpringHill Suites in Panama City Beach, FL
OTO Development is building its presence along the Florida Panhandle with the acquisition of the SpringHill Suites Panama City Beach Beachfront. The deal complements the company’s construction of Hyatt Place Panama City Beach Beachfront, located just a few blocks away and slated to open in summer 2022.

At 11 floors, SpringHill Suites Panama City Beach Beachfront offers 200 guest suites—some with bunk beds and beanbags—and 2,610 sq. ft. of meeting space. The property opened in June 2019 as the only Marriott-branded beachfront hotel in Panama City Beach; it was constructed by Robins & Morton, the same general contractor currently building OTO’s Hyatt Place in Panama City Beach, which likewise will be the only Hyatt-branded waterfront property in PCB, according to the company.

Monarch Alternative Capital purchases dual-branded Orlando hotel
Monarch Alternative Capital LP has acquired the SpringHill Suites and TownePlace Suites Orlando Theme Parks/Lake Buena Vista in Orlando.

The 335-key, dual-branded property offers more than 4,100 sq. ft. of meeting and banquet space, full-service food and beverage locations, an outdoor pool, a fitness center and complimentary transportation to all major Orlando theme parks and resorts. With two separate brands under the Marriott umbrella, the SpringHill Suites hotel has 180 keys and the TownePlace Suites property has 155 keys.

The property’s location in the Lake Buena Vista submarket of Orlando is in close proximity to major attractions, including Disney World theme parks, SeaWorld, the Orange County Convention Center and Universal Studios.

Monarch has partnered with HHM Hospitality to assist in the operations and management of the portfolio.

Waterton purchases Sierra Nevada Resort & Spa
Waterton, a Chicago-based national real estate investor and operator, has acquired the Sierra Nevada Resort & Spa, an independent hotel located in Mammoth Lakes, CA. Opened in 1970, the 151-key lifestyle property will undergo a full renovation and repositioning.

The resort is located on a six-acre site just south of Main St., the main thoroughfare in downtown Mammoth Lakes. The property offers access to Mammoth Mountain Ski Area; Mammoth Lakes Hiking Trails; the east gate of Yosemite National Park and Bishop Airport.

Waterton will execute a top-to-bottom renovation strategy, which will include updates to current hotel rooms and outdoor common areas and adding 30 resort cabins to the site. It will also reimagine the three existing food and beverage outlets, combining them into one central location. Existing retail space will also be updated.

Linchris acquires two properties in Provincetown, MA
Linchris Hotel Corporation has acquired The Crowne Pointe Inn & Spa and The Brass Key Guesthouse in Provincetown, MA.

The Crowne Pointe Inn & Spa is a 37-room hotel spanning six restored historic buildings and features The Pointe Restaurant and the exclusive Kiehl’s Shui Spa. The Brass Key Guesthouse is a 43-room hotel among nine historically restored buildings enclosing a terraced courtyard and offers an infinity-edge pool and an oversized in-ground spa.

The property will be managed by Linchris Hotel Corporation.