DeBartolo joint venture buys Castillo Real

Tampa-based DeBartolo Development LLC and Impact Group purchased the Castillo Real, an ocean view Ascend Collection hotel in St. Augustine.

Built in 2005, the 60-room hotel is at 530 A1A Beach Blvd.

“The Castillo Real is an excellent investment opportunity because of its ideal location, strong asset quality and discounted purchase price,” says Edward Kobel, president and chief operating officer of DeBartolo Development, in a press release. “We are confident in the hospitality sector, which continues to show signs of recovery, and are acquiring hotels at a discount to replacement cost nationwide.”

It is the fifth hotel the firm and its joint ventures have purchased in the last year. Other acquisitions include the Holiday Inn Express in Venice; the La Quinta Inn & Suites in Temple Terrace; the Hampton Inn & Suites in Lady Lake; and the Quality Inn & Suites in Palatka.