After 58 years in the industry, Fred Cerrone—founder of Atlanta-based owner, operator and developer Hotel Equities—will be retiring, effective Nov. 25.
Cerrone will maintain a presence within the company as chairman emeritus. As part of the planned transition and following the latest news of its merger with Springboard Hospitality, Brad Rahinsky—former president and CEO of Hotel Equities—has assumed the title of co-chairman. Springboard’s former president, Ben Rafter, was appointed Hotel Equities’ CEO earlier this month.
“As I prepare to step away from daily operations, my heart is full,” Cerrone said in a statement. “It’s been a joy and a blessing to serve alongside such an extraordinary team. While my role is evolving, my commitment to Hotel Equities remains steadfast. I look forward to supporting our mission in this next chapter as chairman emeritus.”
Cerrone—known as “Coach” by his team and industry peers—over the last 36 years has grown Hotel Equities from a single-property operation into one of the industry’s largest hospitality platforms with a portfolio spanning the U.S., Canada and the Caribbean and Latin America (CALA). He was named Sheraton’s youngest-ever general manager at 21 and later became one of Marriott’s first franchise partners.
“Fred is more than a founder. He’s a trailblazer, mentor and the compass of this organization,” said Rahinsky. “He built the company on the foundation of servant leadership and his impact is lasting and far-reaching. His influence will continue to shape who we are and how we lead.”