HFF closes $10.25 million Sale of St. Augustine Luxury Boutique Hotel

. June 28, 2016

ORLANDO, FL. June 22, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $10.25 million sale of Castillo Real, a 60-room, full-service, upscale boutique resort hotel in St. Augustine, Florida.

HFF marketed the property on behalf of the seller, a joint venture partnership between Impact Properties and DeBartolo Development. MSB Hotels III purchased the asset and assumed an existing CMBS loan. Elite Hospitality LLC will manage the hotel.

Completed in 2005, Castillo Real underwent extensive renovations during the past three years, including full guestroom renovation. The hotel is part of Choice Hotels' Ascend Collection® and features beach access, zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the award-winning La Cocina Restaurant. Located at 530 A1A Boulevard, Castillo Real is on the ocean side of A1A Beach Boulevard in St. Augustine, a beachfront community known as the “Ancient City” for its place as the oldest continuously occupied European settlement in the continental U.S. The hotel is less than five miles from historic downtown and other St. Augustine destinations, including the Fountain of Youth Museum, Castillo de San Marcos, Fort Matanzas, San Sebastian Winery and the St. Augustine Lighthouse.

The HFF investment sales team representing the seller was led by managing director Michael Weinberg and associate director Preston Reid.

“It was logical for MSB Hotels III to buy the asset considering some of the family members (owners) also own the newly-developed Courtyard by Marriott across the street as well as Hilton Garden Inn and Hampton Inn a few blocks north of the Castillo Real, which are all managed by Elite Hospitality LLC,” said Manoj Bhoola, president and COO of Elite Hospitality LLC.

About Impact Properties

Impact Properties (Impact) is a full-service real estate investment, operating and development company. Originally founded in 1981, Impact has built an extensive track record spanning over 30 years of experience in the hospitality industry. Initially formed as Pride Enterprises, Impact's humble beginnings started off with a focus on economy brands in emerging markets across Florida, acquiring and developing over $10 million in hotels in its first few years of operation. Since then, Impact has expanded into the mid-scale and upscale product segment in high barrier to entry locations across the state, acquiring and developing over $200 million of hotels in the process. Learn more at www.impact-properties.com.

About DeBartolo Development

Built on a legacy of more than six decades, the DeBartolo name is recognized as an icon in the real estate industry. Since its beginnings in 1944 when legendary entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept and developed some of the most well-known and nationally recognized shopping landmarks, DeBartolo Development's legacy has been synonymous with success. Continuing the family tradition with the same entrepreneurial spirit, Edward J. DeBartolo, Jr., former owner of the five-time Super Bowl Champion San Francisco 49ers and his brother, Edward Kobel, have evolved DeBartolo Development into one of the largest private real estate investment and development companies in the country. Today, DeBartolo Development invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects throughout the United States. DeBartolo Development combines experience, sound research and market foresight with institutional partnerships and strong lender and broker relationships to meet the unique challenges of today's real estate environment. For more information about DeBartolo Development, please visit www.debartolodevelopment.com.

About Elite Hospitality LLC

Elite Hospitality LLC (Elite) is a full-service real estate investment, operating and development company specializing in the hospitality industry. The Elite Hospitality team provides more than six decades of combined hotel experience with a focus on hotel operations. Elite works with hotels in the northeast Florida markets to ensure long term growth. It currently manages a $150+ million portfolio consisting of 11 hotels in St. Augustine Beach, Jacksonville Airport and the Daytona Beach area.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Business Contact:

Kristen Murphy
T: 617.338.0990
E: [email protected]

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