Debartolo Development Acquires 122-room Hampton Inn in Tallahassee
September 14, 2012 - DeBartolo Development, LLC announced today it has acquired a 122-room Hampton Inn & Suites in Tallahassee, Fla., on behalf of the company's distressed real estate fund, DeBartolo Opportunity Fund II, LP. Built in 2004, the Class A limited service hotel is strategically located off Tallahassee's main exit (Capital Circle) on I-10, only seven miles from Florida State University and five miles from the Florida state Capitol building.
“The Hampton Inn & Suites in Tallahassee is the leader in the market. It is uniquely positioned to accommodate people attending legislative sessions or university activities,” said Edward Kobel, President and Chief Operating Officer of DeBartolo Development. “The hotel industry continues to show improving fundamentals, with demand at record levels. This is our seventh hospitality acquisition in Florida and growing our hospitality portfolio aligns perfectly with our investment strategy.
Amenities at The Hampton Inn & Suites include a large outdoor pool, fitness center, full-equipped business center and over 900 square feet of meeting space.
Banyan Investment Group will serve as DeBartolo Development's operating partner.
About DeBartolo Development, LLC
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, legendary entrepreneur Edward J. DeBartolo Sr., innovated the mall concept and developed some of the most well-known and nationally-recognized shopping landmarks in the country. With the same entrepreneurial spirit, Edward J. DeBartolo Jr., former owner of the five-time Super Bowl Champion San Francisco 49ers and two-time Stanley Cup Champion Pittsburgh Penguins, and his brother, Edward Kobel, have built DeBartolo Development into one of the largest privately held real estate development companies in the country. Today, the firm opportunistically invests in real estate assets of all sizes and scopes, specializing in distressed real estate and market-driven, ground-up development throughout the United States. DeBartolo's focus is in the acquisition of high quality multifamily, retail, hospitality and mixed-use properties in established markets that are undervalued because of capital constraints or poor management with the potential for value-added yield. A key component to DeBartolo's success has been its ability to form and maintain strategic relationships with its capital partners. Throughout its history, the firm has maintained and expanded those existing capital relationships and today continues to form and create new strategic alliances that include institutional investors, national and local financial institutions and a network of broker-dealer firms. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.
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