Benchmark Hospitality International CEO Burt Cabañas will pass the company's reins to his son Alex Cabañas at the beginning of 2014,

the company announced on Wednesday. Alex Cabañas, currently The Woodlands, Texas-based Benchmark's president of business development and finance, has worked with company for eight years, during which time he "has enabled Benchmark Hospitality to double in size" and "has also been instrumental in enhancing relationships with property owners and has expanded our knowledge in the capital markets," according to the elder Cabañas, who will remain active with the company. Additionally, Benchmark on Jan. 1 will promote head of operations Greg Champion to executive vice president and COO. Benchmark's portfolio includes 40 hotels, resorts and conference centers in the United States, Caribbean and Japan.