SHELTON, CT - August 14, 2000 - New Castle Hotels
LLC and Itochu
International Inc. have entered into a Credit Agreement that will provide
capital for the development of select hotels in the Northeastern United
States. An initial investment of $4 million will provide a portion
of the equity funds required for a Hilton Garden Inn in Portland, ME and
a Courtyard by Marriott in Somerset, NJ.
The hotels will be developed by New Castle Hotels, a Shelton, CT-based
hotel
ownership, development and management company, in partnership with
the
Widewaters Group of Syracuse, NY. The joint venture currently
operates
three hotels, has three under construction and two in the final stages
of
planning.
Itochu International is the U.S. subsidiary of Itochu Corporation, one
of
Japan�s leading soga shosha, or general trading companies, and one
of the
world�s largest companies, operating in more than 80 countries.
�We are very pleased to complete this investment with Itochu,� says
David
Buffam, CEO of New Castle Hotels. �We feel strongly about the
merit of
these investments. This transaction with Itochu will allow us
to complete a
cluster of select hotels in the Northeast during the next two years.�
�This commitment represents our confidence in both the management and
employees, as well as the product involved in this investment,� says
Stewart
Cohen, vice president and general manager of the Real Estate Finance
Division of Itochu International Inc. �We are also exploring
other areas of
collaboration with New Castle Hotels.�
New Castle Hotels is a leading independent operator and developer of
upscale
hotels, resorts and conference centers in the United States and Canada.
Headquartered in Shelton, CT, New Castle Hotels operates under Marriott,
Hilton, Westin and Sheraton franchises, as well as distinctive independent
brands. Including projects under development, the firm has a
portfolio of
23 hotels in nine states and three Canadian provinces. |
