Tuesday, June 28, 2016

HFF closes $10.25 million sale of St. Augustine, FL luxury boutique hotel

Michael Weinberg
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced 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.

Preston Reid
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.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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