Hotel Equities (www.hotelequities.com), an Atlanta-based hotel management, ownership and development company, kicked off the celebration of its 25th anniversary year with the execution of a Marriott franchise agreement to develop a new construction $52 million custom-built Residence Inn by Marriott in Miami Beach/Surfside, Florida.
“Building a ground-up, resort-style hotel in this coveted Miami Beach location with a Marriott Residence Inn franchise marks a high point in our firm’s history,” said Fred Cerrone, founder, President and CEO of Hotel Equities. “This deal helps define our award-winning, growth-focused company.”
With a portfolio of more than 45 hotels across 23 brands, Hotel Equities posted its most profitable year to date in 2013. During the fourth quarter, the firm added 13 hotels including a boutique full-service property, The Wyvern in Punta Gorda, Florida. The firm also added a new development Home2 Suites project in St. Louis, Missouri and a SpringHill Suites in Pensacola Beach, Florida in early 2014.
“At 25, Hotel Equities embodies my dream for a different kind of company, one that makes a distinct difference in people’s lives,” said Cerrone. “I am thrilled by our growth to date and look forward to what the future holds as we add brands in both the select and full-service sectors and expand into a nationwide organization. I believe we stand on the threshold of our greatest achievements.”
In January 2014, Chief Operating Officer Brad Rahinsky led the effort to expand the firm’s executive team to position it for growth. He added two Vice Presidents of Operations and initiated three internal promotions that included a Vice President of Talent and Administration, a Vice President of Acquisitions and Financial Analysis, and a Vice President of Sales and Revenue Generation.
Industry veteran and award-winning hotelier Fred Cerrone founded Hotel Equities in 1989. A native of Boston, he began his hospitality career handing out keys at the Sheraton Boston, the city’s largest hotel. A general manager at age 21 and twice recognized as "General Manager of the Year" by national hotel franchises, Fred has hospitality in his blood. He made a legendary progression from serving as desk clerk to managing operations in key positions for hotels throughout the country, to launching Hotel Equities, his own firm.
During the first five years, Hotel Equities found its niche as a small firm focused on expertise in personalized operations. Cerrone and his team of managers developed firsthand
relationships with owners and their properties. By 1992, the firm managed seven properties across five states.
“Over the past quarter century, Fred Cerrone has spearheaded the growth of Hotel Equities with the highest degree of integrity, professionalism, passion and commitment,” said Rahinsky. “He has created and nurtured a culture that permeates everything we do as a team. Always a visionary, Fred has used his tremendous gift of communication to cultivate that vision in our future leaders and hoteliers.”
In 1994, Marriott International selected Cerrone to become one of its first franchise partners. Other major franchise partnerships with the industry’s top brands followed, including Hilton, Hyatt, IHG and Starwood.
The firm has grown its portfolio into a nationally recognized one of more than 45 properties that presently stretches from Pennsylvania to as far south as Florida and west to Texas. Growth has occurred because Hotel Equities serves as a trusted business partner known for its ability to turn around hotel assets, build equity and generate upside potential. Hotel Equities has built strong relationships that have facilitated expansion opportunities into acquisitions, rebranding, new construction and mixed-use development projects.
“It’s been an absolute pleasure to watch the company expand yet maintain core values,” said Glenn Lewis, VP Franchise Operations, The Americas, Select Service and Extended Stay Hotels, Marriott International. “Our success as a franchisor is due in large part to Hotel Equities’ on-going feedback, sharing of best practices, and willingness to pioneer new brands. We truly value your partnership and wish you continued success and growth in the future.“
Year after year, the hotel industry has recognized Hotel Equities for both management and service excellence. At its most recent owners’ conference, Marriott International named Hotel Equities the sole recipient of its prestigious “Spirit to Serve Award for Community Service”. The award recognized the company’s values as expressed through employee volunteerism plus in-kind and cash donations. Hotel Equities is also a two-time winner of the Marriott Partnership Circle Award. The firm has also been the recipient of Hilton’s prestigious Connie Award, named for its founder, Conrad Hilton, for excellence in customer service.
“Congratulations Hotel Equities and Fred Cerrone on 25 years of boundless hospitality, leadership, and service!” said Steve Crabill, VP & Managing Director of Development, Hilton Worldwide. “It has been quite a journey. I value your friendship and am proud and honored to have been a part of your team.”
Loyal associates appreciate the firm’s strong people-centric culture and work with passion to make a difference in the lives of those they serve. Satisfied guests rave about the uncompromising service they receive and they frequently return for more. The people-focused culture plays a large role in the success of Hotel Equities and the hotels it operates.
Hotel Equities (HE) is an Atlanta-based full-scale hotel management, ownership, development and consulting firm. Frederick W. Cerrone, CHA, serves as President and CEO. HE presently has more than 45 properties in its portfolio. For more information, visit www.hotelequities.com.