Robert T. Foley, president & chief executive officer of Travelodge Hotels Inc., a division of Cendant Corporation, announced today that he will leave the lodging brand to devote his time to a private investment firm currently being established by his family.

Foley, who was named the brand«s president in June 1998, said executives of Cendant«s Hotel Division have been extremely supportive of his decision and that he will remain in his position until a replacement is found.

I will deeply miss the Travelodge team and the camaraderie we«ve shared these last four years, Foley said. Cendant continually proves to be a leader in the lodging industry, and I wish the Hotel Division staff a future of even greater accomplishments.

 

Joe Kane, Cendant Hotel Division group president & chief executive officer, paid tribute to Foley, saying, Bob«s 20-plus years of industry experience allowed him to significantly grow the Travelodge brand not just in size, but in franchisee satisfaction and guest confidence. His expertise will be missed, but were confident his new endeavors will also bring him success.

 

Foley Family Investments is being established to seek investment opportunities in the following areas: hotels, private education and staffing, Foley said. The Northeast will be a target area for growth, focusing on Cape Cod specifically for lodging and northern New Jersey for education and staffing.

 

After Sept. 11, my wife, son and I felt compelled as a family to refocus our lives in the most productive ways possible, Foley said. We hope to do that with Foley Family Investments. Twenty-three years in corporate life is a great run. I hope I can get at least that out of entrepreneurship.

 

The first Travelodge hotel was introduced in 1939 in response to travelers« needs for homelike accommodations. Today, Travelodge Hotels is a growing franchise system with more than 590 upper-economy Travelodge® and budget Thriftlodge® properties and more than 47,000 guest rooms throughout the United States, Canada and Mexico.

 

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