Hotel Equities enters joint venture with Alliance Hospitality10 Sep, 2013 By: Elliott Mest
Atlanta-based Hotel Equities is entering into a joint venture with Raleigh-based Alliance Hospitality, combining to create a portfolio of 55 hotels for a room total exceeding 6,500 across 14 states. The corporate headquarters for the joint venture will be located at the Atlanta, Ga., in the offices of Hotel Equities, with regional offices remaining in Raleigh, N.C.
According to the Fort Mill Times, the joint venture is pairing Fred Cerrone, president and CEO of Hotel Equities, with Rolf Tweeten, president and CEO of Alliance Hospitality, in a strategic partnership between the two organizations.
Cerrone's hospitality career spans four decades and he launched Hotel Equities in 1989. "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," Cerrone said. "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."
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 before working as a ground-up developer, owner and manager of branded hotels. "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," Tweeten said.
Brad Rahinsky, a 20-year veteran of the industry recently appointed to COO of Hotel Equities last month, will take charge of the firm's strategy going forward.
"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."
Hotel Equities, alongside another of its joint-venture partners, Hotel Development Partners, most recently gained approval to develop a mixed-use project in the Dunwoody/Perimeter Center area of Atlanta, Ga. The project will include a seven-story, 132-room Hampton Inn & Suites. Hotel Equities will manage the hotel with opening projected for the fourth quarter of 2014.Topic : Alliance Hospitality, Hotel Equities, Joint Venture
External Source : Fort Mill Times
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