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News for the Hospitality Executive |
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New Castle Hotels & Resorts to Manage Holiday
Inn, Albany, New York
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ALBANY, N.Y., May 6, 2009 – Albany Holiday Inn announced that New Castle Hotels & Resorts, an independent hotel owner, operator and third-party management company, will manage the hotel effective May 1, 2009. The prominent 312-room hotel is conveniently located in the heart of the city’s Wolf Road area. It is the eighth upstate New York hotel and the 20th hotel in the Northeast that New Castle manages, demonstrating its understanding of and commitment to the region.
“The wonderful amenities, expansive meeting and event space and proximity to the area’s attractions, make Holiday Inn Albany an outstanding and leading hotel in the region,” said Bryan Gordon, chairman and managing director of Madison Capital Management, LLC, the hotel’s majority owner. “We are pleased that New Castle Hotels & Resorts is bringing its extensive regional resources, hotel management expertise and outstanding track record to this special property. Our entire team is looking forward to New Castle enhancing the experiences of our guests and the re-launching of the hotel later this year.” “The Albany Holiday Inn offers superior value and accommodations to both leisure and business guests visiting the vibrant heart of the Empire State’s capital,” said Gerald P. Chase, president and chief operating officer of New Castle Hotels & Resorts. “In the months ahead, our New Castle management team will implement a plan to improve the property and further enhance our guests’ experience.” About Madison Capital Management Founded in 1996, Madison Capital Management, LLC (“Madison”) is an alternative investment management firm specializing in real estate, natural resources and special situation financial assets. The firm has offices in New York, Denver, San Francisco, Kansas City and, through Madison Capital Management (Europe), LLC, Luxembourg. Utilizing an event-driven and value-oriented investment approach, Madison has invested more than $1 billion in capital and currently manages nearly $600 million in assets. For more information, visit madisoncap.com. About New Castle Hotels & Resorts New
Castle Hotels & Resorts’ portfolio includes 31 hotels the company
manages,
owns or is developing in the United States
and Canada.
The leading third-party management and hotel ownership/development
company
consistently ranks in the country’s top 100 hotel management and
development
companies in hospitality industry trade publications. New Castle
will celebrate its 30th
anniversary in 2010. For more information on New Castle Hotels
& Resorts,
please contact Gerald P. Chase, president and chief operating officer,
at
203.925.8370, or visit the corporate website at newcastlehotels.com. |
| Contact: Jason Lindaman Madison Capital Management jlindaman@madisoncap.com 303.957.4256 or 303.877.2492 Gerald P. Chase |
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Located at
205 Wolf Road, Holiday Inn Albany was renovated in 2005 and showcases
extensive
marble flooring, beautiful hand-finished millwork and an expansive
22,800-sqaure foot indoor courtyard that includes an indoor swimming
pool,
whirlpool, sauna, game room and fitness center. The six-story hotel
also
features The Grill restaurant, 205 on Wolf cocktail lounge, an outdoor
pool and
business center. To ensure that the hotel provides each guest with a
first
class experience, common areas of the property continue to be refreshed
including
a recent updating of the property’s lobby. The space now features
new comfortable
furniture and ceiling tiles and an adjacent meeting room was renovated
to
include updated lighting, carpeting and flooring.