Belmonte Resigns From Top Post At Ramada

PARSIPPANY, NJ— HOTEL BUSINESS® has learned that Steve Belmonte, president/CEO of Ramada Franchise Systems has turned in his resignation and will be leaving the brands top slot within the next several months. Belmonte sent out a memo to his franchisees late yesterday explaining the news. While at the Lodging Conference, HOTEL BUSINESS® had a chance to speak with Belmonte, who said “it was a difficult decision, but the right decision.” “I honestly felt it was time; I needed a change in my life. Ive been doing this now for over 10 years and I feel the change will be positive for me personally.” He did express his deep regret, however, regarding the fact that he will no longer be working with his franchisees, many of whom he knows personally and has developed friendships with during his tenure at Ramada. As for Belmontes immediate plans, he said he will be taking some time off to spend with his family— something he has not done for many years. He will, however, remain working in his current role until a successor is found or until Cendant decides on a strategy regarding the brands leadership. “I told Cendant that I will be pleased to remain on how ever long they want. Following that, I will remain on as a special advisor to the chairman on industry affairs,” said Belmonte, who noted he has been very active in the American Hotel Foundation (and its planned merger with the AH&LAs Educational Insistute.) Belmonte said he also plans to do some motivational speaking, and will be traveling— he has a trip scheduled to the Honduras to support one of his favorite charities which involves giving aid to children in need in third-world countries. Looking back, Belmonte said he is proud of his accomplishments at Ramada. He began with the chain in 1991 when it consisted of 471 properties. Since that time, he has more than doubled the Ramada portfolio to include more than 1,000 hotels and has built strong consumer awareness for the brand through various marketing and service programs. “Im leaving behind a strong company (brand) poised for growth. I have no regrets from the past 10 years,” Belmonte said. “Ive been very fortunate; I loved what Ive done. Cendant was a great home. The company is as much a part of me as my family. It has been the best 10 years of my life.” According to Belmonte, Cendant has already started searching for a replacement for the presidnet/CEO slot of the Ramada chain, however, no specifics on who the company is looking at were disclosed.