NEW YORK CITY-OTO Development, a hotel company based in South Carolina, is planning to construct its second Manhattan hotel. The company has signed a deal to purchase 220-246 W. 41st St. from the Brach family for $36 million.
OTO Development will construct a limited-service hotel on the West 41st Street site beside the Nederlander Theatre. The company bought a site on West 33rd Street in August 2010 for $21.9 million and started constructing a Fairfield Inn & Suites there. For the full story, go to Crain's New York Business .
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