RIDGEFIELD, Conn. — New Castle Hotels & Resorts has been selected to manage nine hotels owned by Widewaters, a diversified commercial real estate organization with expertise developing, acquiring and managing numerous asset classes across North America. The management change, effective February 2023, will increase New Castle’s portfolio to 28 hotels, comprising more than 4,000 rooms across 11 states and two Canadian provinces.
The Widewaters portfolio of four full-service and five select-service properties includes more than 1,200 rooms, six restaurants, 85,000 sq. ft. of meeting space, a full-service spa and a golf course.
“We are thrilled to have been selected to manage the Widewaters hotel portfolio, further expanding our third-party management business and overall presence in the northeastern U.S.,” says Julian Buffam, partner at New Castle Hotels & Resorts. “We will be adding tremendous talent that is in place across multiple disciplines at the corporate and property levels. This is an exciting opportunity to further grow our management team with seasoned hospitality professionals.”
“This is a tremendous opportunity to expand our existing partnership with Widewaters. Our familiarity with the portfolio and strong presence in the northeast will help execute a smooth transition and drive incremental asset value growth,” says Guido Kerpel, COO, New Castle. “The properties will further benefit from the depth and strength of our shared services platform, which optimizes property level focus and success through centralized efficiencies, controls and best practices.”
“This enhanced partnership with New Castle is the most effective way to continue to build value in our hotel assets, while aligning ourselves with an experienced and active owner-operator for future hotel development opportunities,” says Joe Scuderi, president of Widewaters. “Widewaters will maintain ownership of the nine properties, with current COO Bob Spoto transitioning to head of Asset Management and working with the New Castle team to drive top- and bottom-line results across our portfolio.”