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Hospitality Worldwide Services Inc
Contact: Mitch Parker <firstname.lastname@example.org>
Thursday March 27 8:00 AM EDT
HOSPITALITY WORLDWIDE SERVICES ESTABLISHES DIVISIONAL STRUCTURE TO FACILITATE ITS CONSOLIDATION STRATEGY
Leonard Parker Appointed Chairman And Robert Berman Named President and CEO
Thursday March 27, 1997 Hospitality Worldwide Services Inc Thursday announced that to more efficiently implement its consolidation strategy in the hotel renovation and procurement businesses, chief executive officer Alan Friedberg has been appointed president of the company's new Renovation Division and Douglas Parker will become president of its new Purchasing Division.
In addition, the company announced that Leonard F. Parker has been named chairman of the board and that Robert Berman, managing director of Watermark Investments Ltd., an international management company, has been named president and chief executive officer of Hospitality Worldwide Services. Leonard Parker, Robert Berman and Douglas Parker have been elected to Hospitality's board of directors.
"Hospitality's new divisional structure is a natural format to accommodate our plans for internal growth and acquisition in both of our divisions. Alan Friedberg and Douglas Parker are seasoned industry professionals who provide the depth of management we need to continue to successfully implement our consolidation strategy," Berman said. Berman, 37 years old, has extensive experience in both the construction and the real estate industries. A co-founder of Watermark Investments Ltd. in 1991, he has primary responsibility for the financial structuring the firm's investments.
Alan Friedberg said, "At Watermark, Robert Berman was an early and enthusiastic supporter of Hospitality Worldwide Services. His experience in valuing, negotiating for, and acquiring companies has already benefited Hospitality Worldwide Services in the 1995 acquisition of Hospitality Restoration and Builders (HRB), the core of our Renovation Division, and our recent purchase of The Leonard Parker Company (LPC), the backbone of our Purchasing Division. Robert's energy, commitment and management skills will help us to realize the company's long term growth potential."
Friedberg added that Guillermo A. Montero, chief operating officer of Hospitality Restoration and Builders, has been named to the additional post of president of HRB.
Leonard F. Parker founded the Leonard Parker Company, one of the world's largest contract purchasing companies, in 1969. The company provides the hospitality industry with a diversified product line including furniture, carpets and fixtures in addition to hotel operating supplies like china, glassware, linens and flatware. Prior to founding the Leonard Parker Company, he was vice president of Maxwell Company, an interior design and furnishing company.
Parker is a graduate of Tulane University and a U.S. Air Force Korean War veteran. He is involved in the Special Olympics and serves on the board of directors of Pompeii Casual Furniture and the Douglas Gardens Home for the Aged.
Through its Renovation and Purchasing Divisions, Hospitality Worldwide Services provides interior and exterior cosmetic renovations and maintenance as well as procurement services for the hospitality industry.
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, demand and competition for the Company's services, and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings.
CONTACT: Hospitality Worldwide Services Howard G. Anders, 212/223-0699 or Berkman Associates, 310/277-5162
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