The Holiday Inn Resort in Wrightsville Beach has a new owner and will soon be upgraded, according to an announcement Tuesday.

Officials with OTO Development of Spartanburg, South Carolina, stated in a news release that the purchase of the Holiday Inn Resort Wilmington E-Wrightsville Beach is the firm's fifth acquisition in three years.

The sale price was not disclosed in the release and as of noon Tuesday was not yet available from a recorded deed. The previous owner was Moores Inlet Limited Partnership, according to tax records.

“We are delighted to add this iconic beachfront hotel to our portfolio of owned hotels,” says Corry Oakes, CEO of OTO Development, in the release. “The location, right on the sand in Wrightsville Beach, is remarkable and the fact that each guest room or suite has a water view, most with balconies, allows visitors to truly enjoy all the benefits of a beachfront location.”

OTO plans to upgrade and refresh the seven-story, 184-room hotel over the next 12 to 18 months, according to the release. OTO is already operating the hotel.

"Highlights of the upgrades include updating the lobby, restaurants, bars and event spaces; refreshing the guest rooms with new furniture and bathrooms; and enhancements to the pools and outdoor areas," the release stated. "Major improvements will also be made behind the scenes with the property’s HVAC and mechanical systems." 

OTO develops hotels in high-barrier-to-entry markets, according to the release, but the company’s growth strategy also includes purchasing – and repurposing – existing assets in prime locations.

"With a goal of maximizing a property’s potential, OTO Development has enhanced hotels through renovations and operational improvements," the release stated. "OTO recently transformed hotels in Key West and Marathon in the Florida Keys and has a current project under renovation in St. Pete Beach, Florida."

Holiday Inn Resort has three pools and two whirlpools in addition to direct beach access with bike, beach chair and umbrella rentals. Dining options include main restaurant Oceans; Lazy Daze Bar & Grill, a seasonal poolside cafe; and Gabby’s Lounge. 

The hotel has 8,000 square feet of event space, and the main ballroom has over 4,000 square feet of flexible space.

In North Carolina, OTO also owns a hotel in downtown Chapel Hill and manages a hotel in downtown Charlotte.