The US Census Bureau report released August 1 said that nonresidential construction was at a seasonally adjusted annual rate of $437.8 billion in June, and I’m glad to say that New Castle is doing its part to contribute to both the US and Canadian construction industries.
Homewood Suites by Hilton Virginia Beach/Norfolk Airport recently completed a $1 million refresh, and in partnership with local charities recycled enough used furniture to outfit permanent homes for more than 100 homeless families in Hampton Roads. The community effort was fueled in part by a youth ministry who helped with the heavy lifting and earned money for their annual summer mission trip.
Further south, the Hampton Inn Jekyll Island will undergo a comprehensive cosmetic refresh starting this fall, including new room stylings and furniture upgrades in the lobby. The popular (and profitable) lobby bar and breakfast areas will see new furnishings and finishes as well.
Part of our southern-focused growth strategy will include another dual-brand on Jekyll Island and development in and around Nashville, the boomtown that approved a whopping $3.5 billion in development in just the last fiscal year.
Looking north, construction is well underway on a dual-brand (Courtyard by Marriott/Residence Inn) in Dartmouth Nova Scotia, which broke ground last fall and is expected to open next year. This project follows in the footsteps of our first dual brand in Syracuse New York.
Back in 1997, we took a mothballed historic hotel on the Halifax harbor and turned it into the first Westin franchise. This year, we renewed the franchise agreement for a second 20-year term and we’re well underway on a $13 million stem-to-stern renovation.
Here at New Castle, we take pride in making things better. Whether we’re developing a new hotel, improving an existing one, tackling a third-party management assignment, making creative contributions to local charities or simply delivering great returns to our investors, we’re in the business of building business. When you’re ready to make your next move, I hope you’ll consider letting us build upon your success.