Construction began in late 2001. The building was developed on the site of a former town parking lot, and its developers emphasize that the area has "high physical and political barriers to entry and no existing hotels of comparable quality."
"We are excited about the opening, which falls just before the Boston Marathon and college graduations," says Andy DiMatteo, senior vice president at Charlesbank. A grand opening celebration will be held in early June.
New Castle was founded in 1980 by David Buffam, and the firm currently owns or operates 25 hotels in nine states and three Canadian provinces. Charlesbank is a private investment firm with more than $2 billion dollars of capital committed to acquisition and expansion financing for developing real estate assets and growing companies. The firm has offices in Boston and New York
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