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| Gerry Chase |
SHELTON, CT, Jan. 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.”
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| David Buffam |
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.”
For a complete
copy of the company’s news release, please contact:
Lauralee Dobbins
Daly Gray, Inc.
703-435-6293
.
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