Doyle Rice

USA TODAY

Tropical Storm Otto formed in the western Caribbean Sea on Monday afternoon, the National Hurricane Center said, and it could hit Central America as a hurricane by Thanksgiving.

As of 4 p.m. ET, Otto had sustained winds of 50 mph and was located about 305 miles east of Bluefields, Nicaragua, the hurricane center said. It became a tropical storm after a few hours' classification as a tropical depression.

It's forecast to slowly move to the west and hit Central America as a Category 1 hurricane by Thursday, likely near the Nicaragua/Costa Rica border.

Areas from eastern Panama to Honduras and El Salvador will be at risk for flash and urban flooding, mudslides and the possibility of winds strong enough to cause power outages later this week, AccuWeather said.

Otto is the 15th named storm of the 2016 Atlantic hurricane season, which officially ends Nov. 30.

According to NOAA, there have only been 20 November hurricanes in the Atlantic since 1950.