| SHELTON, CT � November 6, 2000 � New Castle Hotels, a leading independent
operator and developer of up-scale hotels, resorts and conference centers
in the United States and Canada, is celebrating its 20th anniversary of
leveraging new development and turnaround opportunities into steady, directed
growth.
David J. Buffam founded the company in 1980. Two years later,
the company acquired its first hotel, a 100-room property in Bangor, ME.
Today, New Castle Hotels owns and/or operates 21 hotel and resort properties
in the United States and Canada. In 2000, New Castle Hotels managed
more than 5,000 rooms. Average occupancy among its properties was
72 percent and gross annual revenue was projected at $190 million.
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Food and Beverage
Increasingly savvy and demanding consumers make a high-quality
food and beverage operation essential to a hotel�s success. New Castle
Hotels creates profitable, award-winning food and beverage outlets by setting
standards of product and service competitive with leading free-standing
restaurants and catering facilities in each market. Our clearly defined
success formula includes:
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Market research spearheaded by our corporate executive chef
and Corporate Director, Food and Beverage
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Basic restaurant concepts tailored for specialized markets
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Menu engineering technology
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Quality/cost control measures
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Sanitation standards and audits
New Castle operates four restaurant concepts that are tailored
to meet the demands of individualized markets, encompassing traditional
American cuisine to the most current ethnic influences. |
George Crea,
Corporate Executive Chef
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New Castle Hotels pursues growth opportunities through new development,
third-party management assignments and turnaround of underperforming properties.
Development of properties such as two Hilton Garden Inns in Shelton
and Norwalk, CT and Spring Hill Suites in Tarrytown, NY, has earned the
company a reputation for success in geographic markets with traditionally
high barriers to entry. New Castle Hotels also built its reputation
as turnaround specialists with such landmark Canadian properties as the
Westin Nova Scotian in Halifax, Nova Scotia and Deerhurst Resort in Huntsville,
Ontario, and the Hilton Woodcliff Lake, Woodcliff Lake, NJ in the United
States.
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Development and Finance
From ground-up development to new acquisitions, New Castle
Hotels has the expertise and resources to identify opportunities and build
profitable ventures. Our team of development experts has a keen understanding
of the intricacies of hotel markets, the relationship of supply and demand
and how to successfully position our hotels within the marketplace. We
take a project from concept to fruition � consistently creating valuable,
profitable hotel operations that increase the owners� bottom lines. Our
development arsenal includes: creative deal sourcing, feasibility and market
research, transaction management and capital placement.
Creative Deal Sourcing
Through our network of hotel professionals, we identifiy
transactions for our own portfolio, as well as assets that match the criteria
of both our institutional and private investors. We search out properties
that have the specific ingredients for a successful turnaround in value.
Our track record of successful transactions and the strong support of our
investors gives New Castle substantial credibility.
Feasibility and Market Research
Our in-house feasibility department is able to analyze
a range of diverse markets and react with the speed, flexibility and focus
required to secure prime opportunities. Our research includes not only
the supply - side approach, but we also specifically sample the demand-side
of each market through our Outlook Marketing subsidiary. It is our unique
ability to examine both sides of any market that gives us a substantial
competitive advantage.
Transaction Management
New Castle Hotels� Development Team has honed the skills
and knowledge to effectively manage complex transactions. While the team�s
principal involvement with a project concludes with the closing of the
transaction, it is involved with much more than the mere underwriting of
the deal. The team negotiates contracts, develops capital plans and renovation
scopes, negotiates franchises, and obtains municipal approvals. Team members
play a critical role in proforma development, focusing on every aspect
of new development and acquisition opportunities. We have learned over
the years that attention to detail is the foundation of a successful investment.
Capital Placement
Since 1993, we have structured and secured equity and
debt investments for the acquisition or development of more than $200 million
in hotel properties. The combination of both finance and development disciplines
into a cohesive team allows New Castle to comprehensively present opportunities
to each potential funding source. We have a strong record of credibility
in the institutional finance community as both a high quality operator
and a developer. Access to capital, even during industry downturns, has
enabled us to act on opportunities while many players remain on the side
lines. |
�New Castle Hotels will continue to grow through select acquisitions
and development of new projects in key markets,� says Gerald P. Chase,
president, chief operating officer. Joint ventures,such as New Castle�s
relationship with The Widewaters Group of DeWitt, NY, third-party management
assignments, and institutional investors such as Itochu International,
will continue to play key roles in the company�s growth.
New Castle Hotels owns and manages 21 resort and hotel properties in
the United States and Canada.
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