DeBartolo Development buys hotel in St. Augustine

Tampa-based DeBartolo Development recently bought the Castillo Real, an upscale Ascend Collection hotel in St. Augustine. In a joint venture partnership with Impact Group, DeBartolo Development bought the distressed property at a deep discount. The 60-room hotel was built in 2005 and is minutes from the St. Augustine Historic District. It is the fifth hotel DeBartolo Development has purchased in the last year, the company announced. Other Florida hotel properties owned by the company are in Venice, Temple Terrace, Lady Lake and Palatka. The firm is acquiring discounted hotels across the country as the hospitality sector continues to show signs of recovery, said Edward Kobel, president and chief operating officer.