The Real Deal New York

Hotel developer to buy second Manhattan plot

February 06, 2012 04:00PM

Spartanburg, S.C.-based developer OTO Development has begun planning its second Manhattan hotel in just 18 months, Crain’s reported.

The developer has reached an agreement to buy 220-246 West 41st Street, between Seventh and Eighth avenues, for $36 million from the Brach family. The site is currently a parking lot.

OTO also operates hotels in Garden City, L.I. and Mahwah, N.J. The developer has opened 45 hotels in 11 states over the last six years, Crain’s said.

In August of 2010, OTO bought a site on 33rd Street for $21.9 million with plans to turn it into a Fairfield Inn & Suites, as Crain’s reported. According to OTO’s website, that hotel will open early next year. [Crain’s]