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New Castle Hotels and Resorts to Open Four Hotels
Over Next 18 Months

SHELTON, Conn. - - (January 28, 2013) - - New Castle Hotels and Resorts, a leading developer and converter of upper upscale hotels, today announced plans to open four hotels this year,  setting the stage for an unprecedented period of growth of the company’s portfolio of owned and managed hotels.

“There are opportunities in every cycle, and we spent considerable time during the downturn strategically sourcing deals that would come online as the market regained full steam,” said David Buffam, CEO.  “Those hotels, including new builds, historic renovations, luxury resorts and a select service combination property will expand the rooms in our portfolio by 20 percent.   We also have a substantial pipeline of diverse projects that will mature as the year progresses.”

Repositioning Historic Icons
Headlining the company’s plans is the reopening of the Algonquin Resort in St. Andrews by-the-Sea, NB, and with it, the Canadian debut of Marriott’s Autograph Collection.  New Castle acquired the landmark resort in April of 2012 and is undertaking a $30 million reconstruction that will be completed in Q2 2013.

“New Castle has a history of turning around Canada’s historic, iconic resorts and positioning them to meet the needs of a new century’s travelers,” said Gerry Chase, President and COO.

“When the Algonquin became available, we knew that we had the background, the experience and the heart to properly restore and reposition a treasured Canadian landmark.”

New Castle’s first historic repositioning venture was the 1996 acquisition of The Nova Scotian hotel in Halifax, branding it as the first franchise Westin in Canada.  Since then, New Castle has operated the province-owned signature resorts – the Keltic Lodge, in Ingonish, NS, Digby Pines Golf Resort and Spa, Digby, NS, and the Liscombe Lodge,  Liscomb Mills, NS for the past 12 years.

More recently, Portland’s famed Eastland Park Hotel is undergoing a total $50 million renovation to emerge as the Westin Portland Harborview in Q2 2014.  New Castle teamed with Rockbridge Capital in this acquisition.

“We have developed a sweet spot for acquiring under-managed, under-flagged, undercapitalized assets and restoring them to good health,” Chase said.  “Both the Algonquin and the Eastland are perfect examples of independent hotels that will benefit from carefully designed renovations, well-considered flag selection and solid management that respects the hotel’s history.”

New Builds

While industry intelligence has forecast another year of limited new capacity, (393 new builds for 2013, according to Lodging Econometrics), New Castle’s development pipeline is stronger than ever with a combination Residence Inn and Courtyard by Marriott nearing completion in Syracuse’s Armory Square and a new Westin ready to break ground in Jekyll Island, Georgia.

“Conventional wisdom says that debt is in short supply for new construction, but we’ve found that savvy investors are always interested in well-conceived projects,” said Chase.  “As strategic developers, we’re willing to invest the time and sweat equity to uncover the pockets of unmet demand.”

The Inns at Armory Square, scheduled to open in May, 2013, features a 78-room Residence Inn and a 102-room Courtyard by Marriott under one roof.  The project is downtown Syracuse’s first new build hotel in more than 50 years and the largest, non-office building endeavor in more than 25 years.  The hotels will complete the renaissance of the Armory Square section of downtown Syracuse, an urban lifestyle center of shops, restaurants and theaters a short distance from the University.

The Westin Jekyll Island Hotel, a 200-room oceanfront hotel, will break ground later in Q1 and will become the anchor hotel for Jekyll Island’s new convention center, which was completed in May 2012.   The convention center is poised to host some 120 events per year and was conceived to help revitalize the Island as a leisure and conference destination.  The hotel is one of only a handful of convention center hotels currently in the works.

“There always are plenty of takers for big, high profile deals in obvious markets,” Chase added. “Experience has shown us, however, that a carefully selected, challenging deal in an unexpected market can be just as rewarding.”

About New Castle Hotels & Resorts
Based in Shelton Connecticut, New Castle Hotels & Resorts is an award-winning independent third-party hotel manager, owner and developer with more than 29 hotels and resorts and nearly 5,000 rooms under contract or in development.  New Castle’s growing portfolio of hotels spans 10 states and three Canadian provinces and includes several of Canada’s historic landmark resorts.  The privately-held company was established by CEO, David Buffam in 1980 and consistently ranks among the top 100 hotel management and development companies in the United States.  New Castle is a preferred operator for diverse brands within the Marriott, Hilton and Starwood families. For additional information, please go to www.newcastlehotels.com.


Contact:

Lauralee Dobbins
Daly Gray, Inc.
703-435-6293
Lauralee@dalygray.com


 

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Also See: New Castle Hotels and Resorts Names Tim Ostrem as General Manager of the Algonquin Resort in St. Andrews by-the-sea, New Brunswick in Canada; Currently Undergoing a $20 Million Renovation, the Hotel will Reopen in Q2 2013 as Part of Marriott's Autograph Collection / January 2013

New Castle Hotels and Resorts Names Missy Rogalia as Director of Sales and Marketing for the Inns at Armory Square; The 78-room Residence Inn and 102-room Courtyard by Marriott Combination Hotel in Syracuse, New York are being Developed by a Joint Venture between RHS Holdings and New Castle with a Spring 2013 Opening Planned / December 2012

New Castle Hotels and Resorts Appoints Nik Pereira as Director of Sales for the Westin Portland Harborview Hotel in Maine; The Historic Hotel, Undergoing Renovation and Re-Flagging, is Scheduled to Open in Spring 2014 / November 2012

New Castle Hotels and Resort Promotes John Fields to Area Manager of the Connecticut Region; Terry Rawstern Appointed as General Manager of the Hilton Garden Inn in Norwalk, Connecticut / November 2012

New Castle Hotels and Resorts Names Jim Wefers as General Manager of the Inns at Armory Square in Syracuse, New York; The 78-room Residence Inn and 102-room Courtyard by Marriott Combination Hotel Property is Under Development by a Joint Venture between RHS Holdings and New Castle with a Spring 2013 Opening Planned / November 2012

RockBridge and New Castle Hotels and Resorts Unveil Plans for $40 Million Renovation and Rebranding of the Current Eastland Park Hotel in Portland, Maine; Opening The Westin Portland Harborview in Spring 2013 / July 2012

Charles Snyder Appointed to the Acquisitions and Development Team for New Castle Hotels & Resorts / June 2012

New Castle Hotels & Resorts Purchases the Algonquin Hotel & Resort in St. Andrews-by-the-Sea, New Brunswick, Canada in a Joint Venture with Southwest Properties; Resort to Close in September 2012 for $20 Million Renovation and Rebranding to Marriott's Autograph Collection Reopening in June 2013 / April 2012

New Castle Hotels & Resorts and Jekyll Landmark Associates, Owners and Co-Developers of Georgia's Jekyll Island Redevelopment, to Break Ground on the 200-room Westin Jekyll Island; Anticipated Opening in February 2014 / February 2012

New Jekyll Island Convention Center, to be Completed on Schedule and Under Budget, to Provide Powerful Economic Boost for Georgia and its Golden Isles; Historic Levels for Bookings Projected for 2013 and Beyond / February 2012

Westin Will Join Jekyll Island's New Hotel Mix; Construction of 200-room Hotel to Begin by Summer 2012 / December 2011

New Castle Hotels & Resorts Opens the Hampton Inn in Shelton, Connecticut Following a Renovation and Reflagging / September 2011
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