OTO Development

OTO Development, LLC is the latest hospitality company launched by H. Wayne Huizenga and George D. Johnson Jr. The company was established to build premier select-service and extended-stay hotels in certain high-barrier-to-entry U.S. markets. OTO develops the strongest brands offered by Hilton Hotels Corporation, Marriott International, Starwood Hotels and Hyatt Hotels Corporation. The brands of choice for OTO Development include Hampton Inn, Hampton Inn and Suites, Hilton Garden Inn, Homewood Suites, Residence Inn, Courtyard, and Springhill Suites. OTO is pursuing locations in the most attractive hotel investment markets across the country.

Although in business only since summer 2004, OTO has already received an "Outstanding Achievement" award from Hilton for its 2004 development efforts as well as "Developer of the Year" award from Hampton in 2005. Since inception, OTO has been awarded 33 license agreements representing hotel development investments in excess of $500 million.

The development of new hotel projects will be funded through Palmetto Hospitality Fund I. The Fund has common ownership with OTO Development Company and currently has capital commitments from a select group of equity investors, including George Dean Johnson Jr., H. Wayne Huizenga and Dean L. Buntrock. Bank financing has been approved by Bank of America, as well as other regional banks throughout the country. OTO anticipates developing approximately $1 billion worth of hotel projects from 2005 to 2008.

The professionals who comprise OTO Development are key members of the group that created the Extended Stay America hotel chain and rapidly built its portfolio to a total of 475 hotels. This hotel development team has significant experience in market feasibility, site selection, deal negotiation, entitlement, permitting, construction and operations.

To execute the rapid growth plan of its portfolio, OTO has employed 21 development professionals who are former real estate and construction experts from Extended Stay America and the lodging industry. George Dean Johnson Jr. is the managing member of OTO Development. Mr. Johnson is the founder and former Chief Executive Officer of Extended Stay America. Corry W. Oakes III is the Chief Executive Officer and President of OTO Development, and was formerly the President and Chief Operating Officer of Extended Stay America. Charles T. King joined OTO Development, LLC as Chief Financial Officer, Secretary, and Treasurer in August 2007. Before joining OTO, Charlie held various positions with Bassett Furniture Industries, Inc including Controller and Vice President of Sales. Todd R. Turner is Vice President of Real Estate for OTO Development. He was formerly the Vice President of Real Estate for Extended Stay America.