HEI Hotels & Resorts, headquartered in Norwalk, Connecticut, announced that longtime partner Clark Hanrattie will be promoted to Chief Executive Officer and Managing Partner. The news comes from a press release.

According to the press release, Hanrattie will officially assume his new role on July 1, leading the hotel investment and management company. He will succeed Anthony Rutledge, who has served as Chief Executive Officer since 2012. After the transition date, Rutledge will remain with the company as a significant owner and an "actively engaged partner."

"It is a great honor to serve as CEO and Managing Partner of HEI," Hanrattie said in a statement. "Anthony is someone I deeply respect, and he has had an immeasurably positive impact on my life and career. Alongside Rachel Moniz, Dan Walworth, and many other key leaders within the HEI team, I look forward to building on HEI's achievements as an industry-leading company, maintaining close and consistent personal relationships with our institutional investment community, brand partners, and employees."

Rutledge added in a separate statement that Hanrattie's "relentless passion and deep experience" will drive HEI "to new heights."

According to the press release, Hanrattie has been a partner at HEI for 23 years, during which he played a key role in the acquisition, revenue management, and fee management of more than 175 hotels, with related transactions totaling over $9 billion. He has a career spanning more than 30 years, beginning at Olympus Real Estate, where he rose to partner, overseeing hotel investment and asset management.

According to the company, in 2004, shortly after HEI's founding, Hanrattie joined the company to strengthen its owner/operator business model and was instrumental in driving the portfolio's growth from 35 hotels to more than 100.

According to HEI, Hanrattie will continue to focus on enhancing the company's real estate value and driving returns for HEI's owners and brand partners. During former CEO Rutledge's tenure, he helped HEI grow the managed real estate value of its third-party hotels and/or joint venture assets from $2 billion in 2012 to more than $20 billion today.

"In our industry, hiring, retaining, and developing the best talent has always been a primary contributor to our owner/operator business model and to delivering superior returns to our owners and brand partners," Hanrattie said in the statement.

HEI owns or operates more than 100 luxury, upper-upscale, and upscale hotels and resorts across the United States. Its brand partners include Marriott International, Hilton, Hyatt Hotels, IHG Hotels & Resorts, Choice Hotels International, and Wyndham Hotels & Resorts.