SHELTON, Conn. (July 19, 2018) – – – New Castle Hotels and Resorts, Inc., an independent third-party hotel operator, owner and developer, announced today a strategic partnership with Full-G Capital, a Toronto-based hospitality real estate investment and advisory firm.
The new partnership will focus on expanding New Castle’s footprint in the Canadian hospitality market. New Castle’s current portfolio includes seven hotels in Atlantic Canada and Toronto, with two more, (Residence Inn/Courtyard by Marriott Dartmouth) slated for opening in early 2019.
“This partnership leverages the development and operational strengths of New Castle and Full G’s deep resources and proven investment platform,” said Jeremy Buffam of New Castle Hotels & Resorts. “Together we are well positioned to move forward in the dynamic and competitive Canadian market,”
“Full-G has a big appetite for hotel real estate investments that can deliver outstanding returns,” said Drew Coles, founder and CEO of Full-G Capital. “New Castle has a 30-year track record of hotel management success in Canada starting with the world’s first Westin franchise, the Westin Nova Scotian. This is the type of organization that fits Full-G Capital perfectly.” Coles is the former President and CEO of InnVest REIT, a public company with more than 100 hotels in Canada when it was sold in 2016 to a private investor for $2.1B.
Julian Buffam, New Castle’s director of business development, said that with the new alliance he anticipates expanding the company’s portfolio through a combination of development, acquisition and new management contracts for select and full-service hotels in Canada.
The company currently has eight hotels in active development, six in the U.S. and two in Canada. The Full-G partnership is aimed at balancing the portfolio across North America.
New Castle Hotels & Resorts is an award-winning independent third-party hotel manager, owner and developer with 25 hotels and resorts and nearly 4,000 rooms under contract or in development. New Castle’s growing portfolio of hotels spans 10 states and three Canadian provinces and includes several of Canada’s historic landmark resorts. The privately-held company was established by David Buffam in 1980 and consistently ranks among the top hotel management and development companies in North America. New Castle is a preferred or approved operator for diverse brands within the Marriott, Hilton, Hyatt and Choice families.
About Full-G Capital:
Full-G is a Canadian hotel investment, asset management and advisory company based in Toronto, Ontario. Full-G has over 25 years of hospitality investment, management and branding of hotel real estate experience. Together, Full-G and its founder, Drew Coles have transacted more than $4B of Canadian and U.S. hotels.