Welcome to Fred Cerrone's Blog
Welcome to “Stuff Worth Sharing”! It is our hope that this blog will help you to know more about our President and CEO, Fred Cerrone, as well as gain some insight into his vision and dreams for Hotel Equities. We welcome your feedback as well as any topics that you would like Fred to cover. Thanks for all you do to help make Hotel Equities a success!
Wednesday, June 30, 2010
Matt Damon – First, because he’s from Boston and is a huge Red Sox fan! Secondly, I have enjoyed a number of his movies, including The Bourne Identity series. Not that I picture myself as a James Bond type, however, I have indeed enjoyed an exciting ride by being involved in the hotel business.
Posted by Hotel Equities at 9:24 AM
Monday, June 14, 2010
Tort Reform. Because of our litigious society and the prevalence of lawsuits, basically anyone can sue anyone else without worrying about the consequences. I believe that in England, if you sue someone and you lose, you must pay their attorney fees which keeps down the number of frivolous lawsuits. That would be a good change of law that would positively impact our society and make us more prone to want to help each other without the risk of being sued for “doing the right thing.”
Posted by Hotel Equities at 8:46 AM
Tuesday, June 1, 2010
The short answer is “yes”. The longer answer is that we are in the midst of the worst economic crisis in the history of our nation. You can’t get around the fact that unemployment is at 10% and, by the way, the real number is probably closer to 20% when you include those who are underemployed. Today, it’s almost impossible to get business loans. The thing that makes this downturn stand out from others that I have experienced in my 40+ years in the business is that all sectors – hotels, office, retail, and apartments (basically the entire real estate sector) have been impacted similarly. I am thankful that the majority of our hotels carry top-tier franchises and that this allows us to weather the storm better than most. You have probably heard the saying, “All boats float during similar tides” and I believe this is true. However, if you have a well-located hotel with a top-notch franchise, you are going to enjoy more buoyancy and, in fact, recover at a faster rate than other hotels affiliated with lesser franchise flags. Our investors are currently under tremendous financial pressure and we must do our best to help them make their debt service payments. Therefore, we have to be sensitive to their needs and the urgency factor therein. Having said that, we as a company have done a great job of preserving jobs for more than 700 people. I personally am focused on growing our business in a manner which will not only save jobs, but provide employment opportunities for others that might not otherwise be able to find gainful employment. The fact that we have identified our three key stakeholders as our guests, associates, and investors has served us well during these difficult times.
Posted by Hotel Equities at 9:08 AM