WHITE PLAINS, N.Y., Jun 10, 2002 (BUSINESS WIRE)—Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) has been honored as the lodging industry`s top performing board of directors for the year 2001 by HVS Executive Search, a division of the global hotel consulting firm HVS International.
Keith Kefgen, president of HVS Executive Search, and Stephen Rushmore, president and founder of HVS International, presented the award to Starwood at the 24th 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.
“On behalf of the board, Starwood is extremely honored to receive this award,” said Starwood Chairman and CEO Barry Sternlicht. “The board`s dedication and stewardship over Starwood`s activities and initiatives has been invaluable.”
“The responsibility of running a public company in today`s market is tremendous,” says Kefgen. “Wall Street has been very unforgiving to companies that have faltered in the area of corporate governance. But in just four years since its inception, Starwood`s board has demonstrated a successful commitment to this process.”
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com