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NEW CASTLE PROPERTIES

RECOGNIZING POTENTIAL

New Castle’s extensive industry knowledge and keen business acumen provide a solid framework for conceiving and executing successful, profitable projects. At every opportunity, we bring together the optimal combination of resources, partners, and expertise needed to address the nuances and complexities that affect project outcomes.

Featured Properties
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CASE STUDY

AC Hotel by Marriott Missoula Downtown

  • Takeover: March 2023

  • Partners: Evermore Partners

  • Rooms: 280 Meeting Space: 2,000 SF

  • Food & Beverage: 7R Rooftop Bar, AC Lobby Bar, Residence Inn Lobby Bar

Opportunity:

  • Takeover from passive management

  • Target and build ESOcc and Group business

  • Upside in housekeeping productivity

Value Creation Drivers:

  • Provide the hands-on training and oversight necessary to reduce MPOR from 35 to 26 at the AC and from 40 to 30 at the Residence Inn

  • Build base business at the Residence Inn through shifting contract airline business from the AC Marriott and encouraging a proactive sales effort to identify and secure ESOcc and Group business

  • 4-point lift in Residence Inn RevPAR Index within first 12 months of operation from 114.9% to 118.7%

  • 10-point lift in AC Marriott RevPAR Index within first 12 months of operation from 135.4% to 145.3%

CASE STUDY

Hampton Inn & Suites Halifax - Dartmouth

  • Opening Date: April 2009

  • Partners: Southwest Properties/Widewaters

  • Rooms: 163 Meeting Space: 1,981 SF

  • Food & Beverage: Complimentary Breakfast

  • Total Basis: $23.5M ($144k per key)

  • Exit Date: February 2025

  • Sale Price: $43.85M ($269K per key)

  • Realized IRR: 26%

Opportunity:

  • Develop leading select-service asset in prime Dartmouth Crossing location with enhanced amenities

  • Site located in underserved submarket with immediate access to high quality shopping, dining and businesses in Dartmouth

Value Creation Drivers:

  • Identified top available brand and secured franchise

  • Delivered asset on-time and under budget

  • Achieved a stabilized market share exceeding 130%+

  • New Castle retained as manager upon sale to BBS

CASE STUDY

Holiday Inn Saratoga Springs

  • Takeover: July 2019

  • Partner: JLK Fund International

  • Rooms: 168 Meeting Space: 8,970 SF

  • Food & Beverage: Bookmaker’s

  • Other: Adjacent to Congress Park

  • Total Basis: $21.8M ($161k per key)

  • Targeted IRR:  19.5%

Opportunity:

  • Well positioned and high barriers to entry asset

  • Takeover from weak, unfocused management

  • Upside in expense margin and market share

Value Creation Drivers:

  • Provide the hands-on, personal oversight necessary

  • Centralize various roles including accounting, revenue management, sales and digital marketing

  • Unlocked $600K in tangible expense savings across payroll, benefits and direct expenses

  • Increased NOI from $1.4M in 2019 to $2.8M in 2024

 

CASE STUDY

The Westin Jekyll Island

  • Opening Date: April 2015

  • Partner: Leon Weiner & Associates

  • Rooms: 200 Meeting Space: 5,350 SF

  • Total Basis: $41.8M ($209K per key)

  • Exit Date: December 2022

  • Sale Price: $62.0M

  • Realized Preferred IRR / ERM: 16.2% / 2.96x

  • Realized Common IRR / ERM: 16.4% / 3.79x

Opportunity:

  • Prime beachfront location

  • Adjacent to a new 128,000 SF convention center

  • Partnering with tourism authorities to re-brand the island

  • Key component of a larger, beach-themed mixed-use project

  • Capture Tax Credits in the form of a Room-Tax Refund

Value Creation Drivers:

  • Identified and secured Westin branding strategy

  • Captured $1.2M in key money through strong Starwood relationship and negotiation

  • Work directly with the convention center to secure business

  • Creator and host of the annual Whiskey, Wine & Wildlife culinary event in collaboration with Jekyll Island Authority

CASE STUDY

Algonquin Resort

  • Acquired: 2012

  • Re-Opened: 2014

  • Partner: Southwest Properties

  • Rooms: 234 Meeting Space: 20,000 SF

  • Food & Beverage: Braxton’s, Right Whale Pub, Passamaquoddy Veranda

  • Amenities: Indoor Pool & Waterslide, 18-hole seaside Golf Course, Spa

Opportunity:

  • Gut renovation of existing historic, inefficient building

  • Historic preservation efforts and physical plant modernization

  • Re-integrate the hotel into the community

  • Enhance the F&B experience with destination restaurant

  • Modernize facilities while retaining historic character

Value Creation Drivers:

  • Identified and secured Autograph branding strategy

  • Ranked #6 Best Resort in Canada by Condé Nast 2014

  • Negotiated favorable financing/refinancing terms

CASE STUDY

Hilton Garden Inn Portland

  • Opening Date: April 2001 (expanded 2013)

  • Partner: Widewaters / Rockbridge Capital

  • Rooms: 88/124 Meeting Space: 700 SF

  • Food & Beverage: Restaurant & Bar

  • Total Basis: $8.0M ($91 per key)

  • Exit Date: July 2018

  • Sale Price: $19.6M ($158K per key)

  • Realized IRR: 21%

Opportunity:

  • Site located adjacent to Maine’s busiest airport

  • Develop the leading hotel in an underserved airport market with a superior brand amidst outdated competition

Value Creation Drivers:

  • Added an additional 36 rooms to take advantage of airport expansion

  • Achieved a stabilized market share exceeding 130%+ despite additional competition

CASE STUDY

Hilton Lexington Downtown

  • Takeover: August 2011

  • Partner: Madison Capital

  • Rooms: 366 Meeting Space: 18,000 SF

  • Ballroom: 7,000 SF

  • Food & Beverage: The Triangle Grill Restaurant, The Bigg Blue Martini

  • Other: Connected to Rupp Arena and the Lexington Convention Center

Opportunity:

  • Property conversion into the Hilton system

  • Takeover from weak, unfocused management

  • Upside in expense margin and market share

Value Creation Drivers:

  • Provide the hands-on, personal oversight necessary

  • Improved the hotel’s image with the local community

  • Lifted the property’s market share over 14%

  • Achieved a compound annual growth rate in gross operating profit of 15.7% between 2011 and 2014