Hotel Equities and Alliance Hospitality Form Joint Venture Creating 55 Hotel Portfolio; Plans Growth
September 10, 2013 7:32pm
Atlanta, GA-September 10, 2013 - Atlanta-based Hotel Equities (www.hotelequities.com) formed a joint venture with Raleigh-based Alliance Hospitality (www.alliancehospitality.com) to create a portfolio of 55 hotels with a room count exceeding 6,500 in 14 states. Corporate headquarters will be located at the Atlanta, Georgia offices of Hotel Equities with regional offices remaining in Raleigh, North Carolina.
The joint venture pairs Fred Cerrone, President and CEO of Hotel Equities, with Rolf Tweeten, President and CEO of Alliance Hospitality, two iconic industry leaders in a strategic partnership between two highly acclaimed, award-winning organizations. Brad Rahinsky, Chief Operating Officer, will set the firm's strategic path going forward.
Senior leaders from both hospitality firms have experienced great success in growing their portfolios and exceeding key stakeholder expectations. This joint venture creates a unique management, leadership, and owner-centric organization with a dynamic platform to expand opportunities for current and future hotel partnerships.
Fred Cerrone has enjoyed a hospitality career spanning a four-decade progression from desk clerk at Boston's largest hotel, to managing operations for hotels throughout the country, to launching his own company, Hotel Equities, in 1989. Cerrone states, "In all of my years in the hospitality industry, this joint venture made great sense and is a true win-win, not only for both organizations, but also for our associates, owners and investors. With a platform of over 24 hotel brands in 14 states, we have great leverage for growth in the hotel real estate space over the next several years."
Rolf Tweeten's career began as a manager with Marriott Corporation before advancing through hotel management positions and transitioning into hospitality real estate consulting with firms such as PKF and Deloitte. An entrepreneur at heart, he became a successful ground-up developer, owner, and manager of premium branded hotels. His aptitude for operating hotels in niche markets has played a crucial role in the success and remarkable growth of his companies. Tweeten notes, "This partnership created a powerful hospitality organization that allows owners and developers the ability to grow with a seasoned group of owner operators who truly understand what is critical in managing, developing, and growing hotel assets."
Ironically, both Cerrone and Tweeten shared the cover of a hotel industry magazine in 2010 as seasoned CEO's. They realized that, by joining forces, they could offer owners and investors the best of their collective experience. Hotel Equities offers a hands-on approach to management, development, equity and financial deliverables as well as a nimble, entrepreneurial and results-driven leadership team.
"The joint venture allows us to create incredible efficiencies and cost containment through economies of scale," said Brad Rahinsky. "Our professional training department and our brand relationships and expertise have allowed us to differentiate ourselves in the industry."
Liam Brown, Chief Operating Officer, The Americas, Select Services for Marriott International, said, "I have known Hotel Equities for many years and appreciate Fred Cerrone's efforts as one of our early franchise partners including his service as the president of one of our Franchise Advisory Councils. Alliance Hospitality has been a great operator of our hotels for many years and I am excited to see these two fine organizations come together. I look forward to seeing many great things from the synergistic value of their combined efforts".
Tags: hotel equities,
Contact: Margaret M. Jones, Director of Public Relations
Contact: Brad Rahinsky, Chief Operating Officer
678.578.4444, ext 22
Contact: Joe Reardon, Vice President of Business Development
678.578.4444, ext 23
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