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Gerald Chase, President/COO

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New Castle Hotels and Resorts Teams With Southwest Properties to Assume Ownership of Iconic Canadian Resort










Algonquin to fly Marriott's Autograph Flag Following Substantial Renovation

SHELTON, Ct/ HALIFAX, N.S./SAINT ANDREWS, N.B. - - - April 2, 2012 - -Officials of New Castle Hotels and Resorts, a leading hotel owner, operator and developer, today announced its joint venture purchase of the Algonquin Resort with Halifax-based real estate developer Southwest Properties. The luxury resort, located in St. Andrews-by-the-Sea, New Brunswick, was purchased from the provincial government of New Brunswick, which has owned the historic hotel since 1971.

"The Algonquin Hotel & Golf Course has been owned by the provincial government for 40 years, and the iconic resort facility has served visitors for more than a century," said Trevor Holder, New Brunswick's culture, tourism and healthy living minister. "It continues to have enormous tourism appeal and potential, however, it is in need of refurbishment and a new marketing approach. The time has come to place it in the hands of an experienced team of new managers who have solid turnaround success credentials within the tourism destination industry."

"New Castle has a tremendous track record of revitalizing these magnificent, landmark hotels and resorts and returning them to their previous grand status," said Gerry Chase, president and chief operating officer of New Castle, which also operates three other iconic Canadian hotels; the Westin Nova Scotian, which it co-owns, as well as the Keltic Lodge Resort and Spa and the Digby Pines Golf Resort and Spa. "The Algonquin Resort was built in the glory days of the Canadian Pacific Railways, and for more than 100 years, this grand dame has been welcoming vacationers, celebrities and heads of state to enjoy its graceful charms. As part of Marriott's Autograph collection, it once again will be able to share its storied past with some of the world's most discerning travelers."

"As an Atlantic Canadian, I am honored to be part of the revitalization of one of our national treasures," said Gordon Laing, president and chief operating officer of Southwest Properties. "The Algonquin is important to the economy of St. Andrews and the entire province, and we take our responsibility to the associates and the surrounding community very seriously. Once the renovation is completed, I am confident that it will again realize its full potential."

According to Guido Kerpel, vice president of Canadian New Castle Hotels, the Algonquin Resort will operate under its current name through the summer season of 2012 and will close in September for more than $20 million in renovations, reopening as the Algonquin Resort under Marriott's Autograph collection in June 2013. Renovations will include a complete upgrade of guest rooms, new windows throughout the Tudor-style hotel, revitalized clubhouse, public spaces and a new indoor pool with a three-story slide. Moncur, a Canadian design firm renowned for its work on the Westin Nova Scotian and the Deerhurst Resort, has been engaged for the redesign.

"When we reopen, the Algonquin Resort will feature the kind of resort accommodations and hotel room amenities that guests of first class resorts expect, including some upgraded facilities that will enhance its year-round appeal," said Kerpel.

The Algonquin Hotel & Resort overlooks the picturesque Passamaquoddy Bay from St. Andrews-by-the Sea, New Brunswick, Canada. Now in its second century of service, the Algonquin is home to the award-winning seaside Algonquin Golf Course, adjacent to the Bay of Fundy and home to two of the top ten golf tees in Canada. The course is ranked among Canada's top 100. The hotel also features 234 guest rooms and suites, as well as four dining options ranging from formal to golf-course casual and the New Brunswick Spa.

About New Castle Hotels & Resorts

Based in Shelton Connecticut, New Castle Hotels & Resorts owns and operates more than 26 hotels and resorts in the United States and Canada. The privately-held company consistently ranks among the top 100 hotel management and development companies in the United States and is a preferred operator for major US hotel brands.