Steve Belmonte is investment banking firm Amdel Associates Inc.’s new managing director of the hospitality, lodging and hotel systems segment. He will focus on services for hotels that have been hit hard by the economic downturn from the COVID-19 pandemic.
Belmonte previously founded and ran consultation firm Hospitality Solutions and hotel franchise company Vimana Franchise Systems. He was president and CEO of the Ramada hotel chain for nearly 11 years and served as executive vice president of the Cendant Hotel Division, now called Wyndham Worldwide.
He also served as adviser for Advantage Hotels in Austin, Texas, founded by Patrick Mullinix in 2019. Also on the advisory board includes former AAHOA Chairmen Ramesh Surati, Dhansukh “Dan” Patel and Mukesh Mowji.
Amdel holds more than $10 billion in equity capital to purchase and/or merge with established companies with EBITDAs in excess of $2 million. In the current environment many companies are looking for liquidity to survive the current crisis.
“There are a significant number of companies who are and will continue to face a hard road ahead. Now may be the perfect time for a merger, acquisition, or just a solid investment from outside sources to help them continue to achieve their goals,” Belmonte said. “I’ve seen many cycles and there are certainly defining moments in the life of any company where strong creativity is what’s required to continue growth. That can be very exciting for all involved.”