DeBartolo Development LLC, in a joint venture partnership with Impact Group, reported to Historic City News that they received a 51 percent discount of the outstanding loan balance as an incentive to acquire the St. Augustine Beach hotel.
The 60-room Ascend Collection hotel at 530 A1A Beach Boulevard was built in 2005. It is a short walk to the beach and only minutes from downtown St. Augustine.
“The ideal location, strong asset quality, and, discounted purchase price, made it an excellent investment opportunity,” Edward Kobel, president and chief operating officer of DeBartolo Development, said. Kobel did not disclose the purchase price.
This is the fifth hotel DeBartolo Development has bought in the past year, and the second in Northeast Florida.
Other Florida hotel properties acquired by the company include the Holiday Inn Express in Venice, south of Sarasota; the La Quinta Inn & Suites in Temple Terrace, near Tampa; the Hampton Inn & Suites in Lady Lake, northwest of Orlando; and the Quality Inn & Suites in Palatka.
DeBartolo Development, based in Tampa, is one of the largest privately held real estate development companies in the United States.
Photo credits: © 2011 Historic City News contributed photograph by Castillo Real