The Castle Group Secures Its Position in a Recovering Pacific Rim Hotel Market.HONOLULU--(BUSINESS WIRE)--June 22, 1999-- Continuing its expansion into the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. hotel market, The Castle Group, Inc. (CAGU-NASDQ Bulletin Board) recently secured the 20-year management contract for a new 249-unit condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. and hotel being constructed in North Auckland, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . The Spencer on Byron is Castle's third international contract since the company made the decision to expand its business outside of Hawaii. "Castle plans to position The Spencer on Byron as the flagship property of several strategically located hotels and condominiums throughout New Zealand," said Alan Cambra, C.O.O. of The Castle Group, Inc. "Castle's entry into the Pacific Rim market is a natural extension of our existing market, and our business strategy is to grow with the region's economic recovery. The Pacific is now the fastest growing and most populous region in the world." A joint venture development between New Zealand's Covington Group and Oenone Spencer, The Spencer on Byron will be the area's tallest building -- providing 23 floors of much needed quality hotel accommodations -- when it is completed in December 2000. It is designed to service not only the local business and conference market, but also to accommodate groups visiting New Zealand from North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The new property is being developed after extensive research into business and leisure travel trends clearly established market demand for such a property. Demand for the property has been brisk and strong enough to change the original plans for a traditional hotel into plans for a condominium hotel to allow unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. to owners. The Castle Group currently manages The Aquarius Beach Hotel in Saipan and The Blue Lagoon Blue Lagoon
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