Newspaper article The Canadian Press

Marriott Part of Consortium Wanting to Take over Historic N.B. Resort: Historic N.B. Resort May Become a Marriott

Newspaper article The Canadian Press

Marriott Part of Consortium Wanting to Take over Historic N.B. Resort: Historic N.B. Resort May Become a Marriott

Article excerpt

FREDERICTON - New Brunswick's historic Algonquin Resort may soon carry the Marriott banner if a deal can be finalized.

Tourism Minister Trevor Holder said Wednesday that the provincial government has entered final negotiations with a consortium consisting of New Castle Hotels and Resorts, and Southwest Properties to buy the Crown-owned resort or partner with the province.

It would be licensed under the Marriott name but no other details have been released.

Holder said a letter of intent has been signed and all parties now have up to 60 days to conduct their due diligence before any deal is completed.

"Marriott is a huge name. It is a strong brand. People all over the world recognize it," Holder said.

"This is an opportunity to market this hotel in a way we have never been able to market it before."

The province launched the search for a new operator last February after Fairmont Raffles Hotels International announced it would not manage the resort when its contract expired at the end of 2011. …

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