New Castle Hotels and Resorts (NCHR) announced its plan to double the company’s roster of owned and managed hotels by 2020, including new management contracts, acquisitions and new-build hotels.
"Throughout this most recent economic upturn, our development team has been cultivating a broad range of opportunities that are poised to come to fruition over the next four years,” said New Castle Hotels President and COO Gerry Chase. “Simultaneously, we selectively refined our existing portfolio and expanded our investment capacity to take advantage of the coming opportunities.”
The company is in negotiation for several third party management contracts including a hotel on Long Island and a resort in Quebec. Acquisitions, including the previously announced purchase of the Hampton Inn Milwaukee Downtown, and the opening of the Fairfield Inn and Suites New Orleans this summer, put the company on pace to achieve its goal, and a dual-branded Residence Inn/Courtyard by Marriott, planned for Dartmouth, Nova Scotia is set to go in the ground as early as fall 2016.
Two years ago, New Castle set its sights on geographic diversification, opening the Westin Jekyll Island with investment partner Leon Weiner & Associates. Further southern expansion, including a new build in Tennessee and a second acquisition in New Orleans are in the works.
"These upcoming projects represent a cross section of our development and operational strengths, leveraging our management bench strength and deep brand knowledge," Chase said.
