News for the Hospitality Executive
PORTLAND, MAINE – April 29, 2011 – Investment firm RockBridge Capital LLC has entered into a JV partnership with New Castle Hotels & Resorts of Shelton, Conn., a leading hotel operating company, to manage the newly acquired Eastland Park Hotel. RockBridge and New Castle took possession of the property on March 1.
Portland’s iconic hotel, the historic Eastland Park has been a landmark on the city’s landscape for 84 years. The 12-story hotel opened on June 15, 1927, the day after aviator Charles Lindbergh flew solo across the Atlantic. Since then, thousands of guests have stayed in its guestrooms, drawn by the hotel’s dining and event facilities, grand views of Portland and renowned customer service. Perched on a hilltop in the heart of the city’s arts and shopping district, the Eastland Park overlooks the panorama of Portland and the city’s Old Port waterfront.
Over the next six months, the hotel’s new owners and managers will develop plans to restore and rebrand the historic hotel with the intention of establishing the Eastland Park as the cornerstone for group, social and corporate business functions for Portland and the greater New England area.
“We are excited to be a part of the team that will restore and guide this exceptional property to its historic role as a hospitality leader in Portland,” said Gerald P. Chase, president and chief operating officer of New Castle Hotels. Jim Merkel, president and chief operating officer of RockBridge echoed Chase’s optimism. “Over the coming months, in collaboration with New Castle, we will initiate property renovations and process improvements designed to restore this property’s stature as a historic landmark and business leader in the Portland community.”
New Castle has been instrumental in the restoration and revitalization of a number of historic properties, including the Westin Nova Scotian, the historic hotel of Halifax, Nova Scotia. The company also has an enduring connection with Maine, and was founded there 31 years ago, drawing its name from the nearby New Castle, N.H.
RockBridge Partners was formed as the equity platform of Columbus, Ohio‐based RockBridge Capital, LLC. RockBridge provides capital to the hospitality industry through its Hospitality Funds and focuses on both debt and equity hotel investments. Since 1992, RockBridge has invested in over 300 hotels nationwide with aggregate transaction capitalization of nearly $5 billion.
New Castle Hotels & Resorts portfolio includes 30 hotels the company manages, owns or is developing in the United States and Canada. The privately held hotel owner, operator, third-party manager and turnaround specialist consistently ranks in the country’s top 100 hotel management and development companies in hospitality industry trade media. For more information on New Castle Hotels & Resorts, please contact Gerald P. Chase, president, chief operating officer, at (203) 925-8370, or visit the corporate website at www.newcastlehotels.com.
Gerald P. Chase
New Castle Hotels & Resorts
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