New Castle Hotels Celebrates 20 Years of Creating New Development and Turnaround Opprtunities

SHELTON, CT — November 1, 2000 — New Castle Hotels, a leading independent operator and developer of up-scale hotels, resorts and conference centers in the United States and Canada, is celebrating its 20th anniversary of leveraging new development and turnaround opportunities into steady, directed growth.

David J. Buffam founded the company in 1980. Two years later, the company acquired its first hotel, a 100-room property in Bangor, ME. Today, New Castle Hotels owns and/or operates 21 hotel and resort properties in the United States and Canada. In 2000, New Castle Hotels managed more than 5,000 rooms. Average occupancy among its properties was 72 percent and gross annual revenue was projected at $190 million.

New Castle Hotels pursues growth opportunities through new development, third-party management assignments and turnaround of underperforming properties.

Development of properties such as two Hilton Garden Inns in Shelton and Norwalk, CT and Spring Hill Suites in Tarrytown, NY, has earned the company a reputation for success in geographic markets with traditionally high barriers to entry. New Castle Hotels also built its reputation as turnaround specialists with such landmark Canadian properties as the Westin Nova Scotian in Halifax, Nova Scotia and Deerhurst Resort in Huntsville, Ontario, and the Hilton Woodcliff Lake, Woodcliff Lake, NJ in the United States.

The company has marked its 20th anniversary with a celebration at the Westin Nova Scotian and by launching its new corporate website at www.newcastlehotels.com.

“New Castle Hotels will continue to grow through select acquisitions and development of new projects in key markets,” says Gerald P. Chase, president, chief operating officer. Joint ventures, such as New Castle’s relationship with The Widewaters Group of DeWitt, NY, third-party management assignments, and institutional investors such as Itochu International, will continue to play key roles in the company’s growth.

New Castle Hotels owns and manages 21 resort and hotel properties in the United States and Canada. For more information, please contact Gerald P. Chase, president, chief operating officer of New Castle Hotels, at (203) 925-8370. Or visit the corporate website for a complete company background at www.newcastlehotels.com.