New Castle Hotels & Resorts, an independent third-party hotel operator, owner and developer, entered into a strategic partnership with Full-G Capital, a Toronto-based hospitality real estate investment and advisory firm.
The new partnership will focus on expanding New Castle’s footprint in the Canadian hospitality market. New Castle’s current portfolio includes seven hotels in Atlantic Canada and Toronto, with two more (the Residence Inn and Courtyard by Marriott Dartmouth) slated for opening in early 2019.
“This partnership leverages the development and operational strengths of New Castle and Full G’s deep resources and proven investment platform,” Jeremy Buffam, VP, capital projects and facilities at New Castle, said in a statement. “Together we are well positioned to move forward in the dynamic and competitive Canadian market.”
“Full-G has a big appetite for hotel real estate investments that can deliver outstanding returns,” Drew Coles, founder and CEO of Full-G Capital, said in a statement. “New Castle has a 30-year track record of hotel management success in Canada starting with the world’s first Westin franchise, the Westin Nova Scotian. This is the type of organization that fits Full-G Capital perfectly.”
Coles is the former president and CEO of InnVest REIT, a public company with more than 100 hotels in Canada when it was sold in 2016 to a private investor for $2.1 billion.
Julian Buffam, New Castle’s director of business development, said that with the new alliance he anticipates expanding the company’s portfolio through a combination of development, acquisition and new management contracts for select and full-service hotels in Canada.
The company currently has eight hotels in active development: six in the U.S. and two in Canada. The Full-G partnership is aimed at balancing the portfolio across North America.