Latest HITs: OTO growth; Hilton adds in India; Edgewater GroupBy Jeffrey Weinstein | March 1, 2023Share Breaking hotel investment news from around the world. OTO growth. Spartanburg, South Carolina-based OTO Development, which is part of The Johnson Group, has purchased and will operate the newly opened 172-room AC Hotels by Marriott Downtown in St. Petersburg, Florida. The 8-story hotel includes 2,500 square feet of activated shared space, 1,800 square feet of meeting and event space, and acts as the hospitality portion of Ascent St. Petersburg, a mixed-use project developed by Greystar Real Estate Partners and Concord Hospitality. The development also comprises a 36-story luxury apartment tower and 5,500 square feet of retail space. Hotel project partners include R2L:Architects, architecture; DLR Group, hotel interior design; and Ellis Adams Group, Cane & Barrel concept and interior design. This purchase becomes the seventh AC Hotel in OTO Development’s owned portfolio.DoubleTree in Maharashtra. Hilton will bring its DoubleTree brand to Nagpur, India, in early 2026 after signing an agreement with Abhijit Realtors and Infrastructure Private Ltd. The 135-room hotel will mark the entry of DoubleTree in Maharashtra’s third-largest city. DoubleTree by Hilton Nagpur will be situated at the junction of Airport and Wardha Roads, the city’s main arterial road. Hilton’s presence in India currently features 24 operating hotels with 17 additional hotels in the pipeline, including properties in Nepal and Bangladesh.Pullman adds in Phuket. One of the largest beach resorts in Phuket, Thailand, is going to be rebranded under Accor’s Pullman brand in April. The 662-room Pullman Phuket Arcadia Karon Beach Resort will undergo a phased renovation over the next 24 months to modernize the property, create immersive art and design, technology-enabled spaces and wellbeing experiences. Accor has 87 hotels and resorts in Thailand with this hotel becoming the third Pullman hotel in Phuket.Aimbridge growth. Aimbridge Hospitality has added nine select-service hotels (774 rooms) to its managed portfolio by striking a deal with Mechanicsburg, Pennsylvania, Neema Hospitality. The properties are located across Maryland, Pennsylvania and West Virginia. The properties represent select-service, extended-stay and economy verticals within the Choice and IHG Hotels & Resorts family of brands.Edgewater Group likes secondary markets. Real estate investment firm Edgewater Group, Paoli, Pennsylvania, has acquired the boutique, full-service Inn on the Square (pictured above) located in Greenwood, South Carolina. The property was purchased by 104 Court LLC, a wholly owned subsidiary of Edgewater Valley Forge Fund III LP, an affiliate of Edgewater Group LLC. The acquisition of the Inn supports Edgewater’s continued focus on secondary and tertiary markets like Greenwood. The historic property dates back to 1905 and was originally comprised of two separate adjoining structures. Edgewater’s representative clients include Federal and State Courts, lenders, investors, and micro and middle market companies.