Board Performance To Arlington Hospitality and The Lodging
Industry’s Top Performing CEO of 2003 Award to Jonathan
Tisch, CEO of Loews Hotels
|June 7, 2004 - HVS Executive Search, a division of the global hotel
consulting firm HVS International, has honored Arlington Hospitality, Inc.
(Nasdaq: HOST) as the lodging industry’s top performing board of directors
for the year 2003. Also, Jonathan Tisch, chief executive officer of Loews
Hotels, a subsidiary of LoewsCorporation (NYSE: LTR) was honored as the
lodging industry’s top performing chief executive officer of 2003.
Lodging Leadership Award For Board Performance
Keith Kefgen, president of HVS Executive Search, and Stephen Rushmore, president and founder of HVS International, presented the award today to Jerry Herman, Arlington’s president and chief executive officer, and Steven Belmonte, a member of Arlington’s board of directors, at the 26th Annual New York University International Hospitality Industry Investment Conference.
The award is presented each year to the board of directors that is most effective in leading a public lodging company. The ranking is done using a corporate governance model designed by Kefgen, and compares board makeup, independence, committee structure, conflicts of interest and a commitment to pay-for-performance.
“The responsibility of running a public company in today’s market is tremendous,” says Kefgen. “With new regulations, stricter guidelines and a re-affirmed commitment to accountability, strong and effective corporate governance is more important than ever. The board of Arlington Hospitality has demonstrated a successful commitment to this process.”
“We take very seriously the role the board of directors plays in guiding our company,” Herman said. “Beginning in 2002, we made a number of changes to increase our board’s independence as a reflection of our commitment to more responsible and responsive corporate governance. We are honored by this award and are proud to be recognized for the strong independent role and leadership our board provides.”
Arlington Hospitality, Inc. is a hotel development and management company that builds, operates and sells mid-market hotels. Arlington is the nation’s largest owner and franchisee of AmeriHost Inn hotels, a 104-property mid-market, limited-service hotel brand owned and presently franchised in 22 states and Canada by Cendant Corporation (NYSE: CD). Currently, Arlington Hospitality, Inc. owns or manages 62 properties in 15 states, including 54 AmeriHost Inn hotels, for a total of 4,527 rooms, with additional AmeriHost Inn & Suites hotels under development.
The Lodging Industry’s Top Performing Chief Executive Officer of 2003
HVS Executive Search also honored Jonathan Tisch, chief executive officer of Loews Hotels, a subsidiary of LoewsCorporation (NYSE: LTR) as the lodging industry’s top performing chief executive officer of 2003. Keith Kefgen, president of HVS Executive Search, and Stephen Rushmore, president and founder of HVS International, presented the award today at the 26th Annual New York University International Hospitality Industry Investment Conference.
The award is presented each year to the lodging industry CEO who offers the best value to shareholders based on a Pay-for-Performance model designed by Kefgen. The model compares CEO compensation to such indicators as stock appreciation, market capitalization, and increases in earnings before interest, depreciation and amortization (EBITDA) to determine the top-performing CEO.
Jonathan Tisch brings more than two decades of travel-related marketing and management expertise to his role as CEO of Loews Hotels. Blending a cutting edge approach to marketing and operations with a conservative development philosophy, Tisch has been instrumental in overseeing the company’s growth and emergence as one of the leading luxury hotel chains. “It is an honor for me to receive this award. This recognition is really a testament to the power of partnerships – between Loews, our employees, our customers, and the communities where we operate our hotels.”
“Jonathan has been one of the most active CEOs in the loding industry,’ explains Kefgen. “He has delivered value to Loews’ shareholders, while building a world class brand.”
Loews Hotels currently owns and/or operates 20 hotels and resorts in the U.S. and Canada. The newest Loews hotel, which opened in December 2003, is the 285-room Loews New Orleans Hotel, a conversion of an office building located across the street from the city’s only casino and a short walk from the French Quarter and the New Orleans Convention Center. In addition to developing new hotels, Loews recently added a new property to the chain by assuming management of the historic 277-room Don CeSar Beach Resort, a Loews Hotel, in St. Pete Beach, Florida.
HVS Executive Search is the nation’s leading retained executive search firm specializing in the hospitality industry. Core competencies of the firm also include compensation design and corporate governance consulting. In addition, HVS Executive Search offers online recruitment through www.hospitalitycareernet.com, and employment assessment through www.2020skills.com.
Leora Halpern Lanz
|Also See:||David Litman, CEO and Co-founder of Hotels.com, Named the Lodging Industry’s Top Performing CEO of 2002 by HVS Executive Search / June 2003|
|J.W. Marriott, Jr. and the Board of Directors of Choice Hotels Receive HVS Executive Search Lodging Leadership Awards / June 2001|
|HVS Executive Search Awards Canadian Pacific Hotels & Resorts with Most Effective Board of Directors in Leading a Public Company and Isadore Sharp as Lodging CEO Providing Best Value to Shareholders / June 2000|