Cats sleep in bed

We have one cat that sleeps in bed with us every night. When the baby comes, we are planning on co-sleeping and know the cat can no longer sleep in the bed. Has anyone dealt with this and what did you do? We are thinking about getting a cat bed, but I'm afraid the cat is going to hate the baby and us for not letting him sleep on the bed. He is about 12 yo and sleeps there all day as well. Any success stories?