Limited service hotel is sixth asset purchased on behalf of DeBartolo Opportunity Fund I, LP

TAMPA, FL (June 2011) – DeBartolo Development, LLC announced today it has purchased the note to the Country Inn and Suites, a 101-room limited service hotel in Sarasota, Florida. Acquired on behalf of DeBartolo Opportunity Fund I, LP, for an approximate 55 percent discount to the previous owner's investment, the Country Inn and Suites at 5730 Gantt Road is the Fund's third hotel and sixth asset.

Built in 2003, the hotel is situated directly off I-75, which connects Tampa to the north and Naples to the south.  The property is approximately 10 miles from the Sarasota CBD, two miles from the Twin Lakes Sports Complex and the Gulf Coast Event and Conference Center and minutes from white-sand Siesta Key Beach, which was recently named ‘America's Best Beach'.

"Consistent with our Fund strategy, we were able to negotiate a significantly discounted purchase price for a high quality income-producing property in an ideal location,” said Edward Kobel, President and Chief Operating Office of DeBartolo Development.  "By acquiring the
hotel at an attractive discount and installing a proven hotel management company, we expect to capitalize on the area's demand for comfortable business accommodations or guests on a Sarasota vacation.  We're confident this will be a great addition to DeBartolo Opportunity
Fund I.”

The Country Inn & Suites offers free high-speed Internet access, an outdoor swimming pool, on-site fitness center, an 800-square foot meeting room and complimentary breakfast buffet.

DeBartolo Development 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.

DeBartolo Development currently has capital to invest, and is actively seeking capital distressed REO, note acquisitions, developer/investor project recapitalizations, joint-venture partnerships and project-level rehabilitation/repositioning.

About DeBartolo Development, LLC
For more than six decades, the DeBartolo name has been an icon in the real estate industry. Founded by legendary entrepreneur Edward J. DeBartolo Sr., DeBartolo pioneered the mall concept and built some of the most well-known shopping meccas in the nation. Led today by 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, DeBartolo Development is one of the largest privately held real estate development companies in the country. With years of work in ground-up development, joint venture projects and asset management, DeBartolo Development has extensive experience in a wide range of capabilities. From basic retail centers to the most modern mixed-use environments, to reliable investment opportunities, DeBartolo Development continues the family tradition with a suite of solutions created to meet the unique challenges of today's market. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.