Henry R. Silverman To Receive
Penn State Hospitality Executive Of The Year Award

October 10, 1996

University Park, Pa.-Henry R. Silverman, chairman and chief executive officer of HFS Incorporated, will receive the Hospitality Executive of the Year Award from the Penn State Hotel and Restaurant Society at a dinner to be held November 10 in New York City.

HFS Incorporated is the world's largest franchisor of hotels and residential real estate brokerage offices. The company has 5,300 Days Inn, Howard Johnson, Knights Inn, Park Inn, Ramada, Super 8, Travelodge, Villager Lodge, and Wingate Inn franchised hotels. In real estate, HFS has about 11,200 franchised Century 21, Coldwell Banker and ERA offices with brokers and agents in the United States, Mexico, Canada, Puerto Rico, Europe, Africa and the Asia/Pacific region.

HFS has recently signed a definitive agreement to purchase Avis, Inc., which is expected to close this month. The company also has signed a definitive agreement for the purchase of Resort Condominiums International (RCI), the world's largest provider of vacation timeshare exchanges, which is expected to close before year end.

"Henry Silverman is an outstanding leader and innovator in the hospitality industry," said Stuart Mann, director of Penn State's School of Hotel, Restaurant, and Recreation Management, in announcing the award. "His aggressive acquisitions have catapulted HFS Incorporated to the forefront of several industries. Mr. Silverman is an obvious choice for the award. He has achieved the pinnacle of success in the hospitality business while at the same time focusing on customer service, franchises, and building brands."

Penn State 's School of Hotel, Restaurant and Recreation Management graduates over 250 students per year in hospitality management. The School is widely recognized by both lodging and restaurant CEO's as one of the top hospitality schools in the nation. Upon graduation, students of the School have at least 1,000 hours of hands-on work experience. They are acknowledged by recruiters as being among the best prepared of all college graduates.

The Penn State Hotel and Restaurant Society (PSHRS) is an alumni society formed over 50 years ago by alumni and friends of the School of Hotel, Restaurant and Recreation Management. PSHRS began presenting the Hospitality Executive of the Year Award to industry leaders in 1960. Past winners include J. W. Marriott, Jr., Chairman of the Board and President, Marriott Corporation; Raymond Schultz, President and CEO, Promus Hotel Corporation; Herman Cain, President, Godfather's Pizza; and Barron Hilton, Chairman and President, Hilton Hotels Corporation.

The Hospitality Executive of the Year Award Dinner will be held in conjunction with the International Hotel, Motel and Restaurant Show at the Sheraton New York Hotel and Towers. For ticket information, call (814) 863-0840.

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Contact: Jean Erstling 814-863-4325
Christy Rambeau (814) 865-7517 (office) cmr7@psu.edu