New Castle Hotels & Resorts Celebrates 30 Years of Hospitality Industry Successes

Online, November 30, 2010 (Newswire.com) - In 1980, David Buffam founded New Castle Investment Inc., with the goal of building a hotel ownership company. Just four years later, the infamous recession of the early 1980s hit, and many hotel companies weren't able to weather the storm. New Castle not only survived, but emerged from the recession stronger than before - a pattern the company has repeated throughout the industry fluctuations of the past 30 years.

When the industry again faced a lesser downturn in the late '80s, Buffam recognized an evolving opportunity and decided to refocus the company on management, as well as ownership - and New Castle Hotels & Resorts was born.

During the Great Recession of the past few years, when other management and ownership companies struggled to stay afloat, New Castle expanded, opening three new properties and assuming management of two others. At the core of the company's three decades of success is a culture of commitment and respect, says Gerald P. Chase, chief operating officer and president. Chase joined the company in 1988 to lead the new focus on hotel operations. "We start every relationship with respect, whether it's with associates, investors, brand partners or outside vendors," Chase says.

New Castle enters every relationship assuming it will be "for the long haul." "These long-term relationships create a strong foundation that allows us to adapt and evolve quickly as market conditions change, because we know that our important bases are covered," Chase says.

An ability to adapt and evolve quickly as changes occur and opportunities emerge is the other important ingredient of New Castle's success, Chase says. Because the company remains privately held, it can practice a very flexible, entrepreneurial approach to opportunities. That approach has helped New Castle make successful inroads into the Canadian hospitality industry, managing landmark properties such as the 80-year-old Westin Nova Scotian in Halifax and the Signature Resorts owned by the Province of Nova Scotia.

The next 30 years will see New Castle pursuing "the continuation of the style that's been successful for us," Chase says. "We'll continue to expand throughout North America. And we're confident we'll continue to grow the company and provide exceptional value to our investors and owners. After all, you don't make it to 30 years in this industry unless you've learned a lot along the way."

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 management company consistently ranks in the country's top 100 hotel management and development companies in hospitality industry trade publications. New Castle celebrates its 30th anniversary in 2010. 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.