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Hospitality Worldwide Services Divests Its Renovation Subsidiary, Hospitality Restoration & Builders
 
 Coral Gables, Florida, December 1, 1999 -- Hospitality Worldwide Services (AMEX:HWS) announced it has completed a transaction, transferring its interest in all existing third party contracts previously held by its renovation subsidiary, Hospitality Restoration & Builders to a company owned by the former President of its renovation subsidiary.  As previously reported, the Company elected to divest itself of its renovation business in September 1999 and reflected the operating results and estimated losses for the divestment of the renovation business, as discontinued operations in the consolidated statement of operations for the third quarter ended September 30, 1999.

Douglas Parker, President, stated, “This is another step in management’s commitment toward our renewed focus; allowing us to re-shape and integrate the core services of Procurement, Logistics/Warehousing and Reorder under Hotelworks.com.  The remaining core service components of the Company are very much in keeping with our e-commerce initiative going forward.  The complexities of managing a labor intensive renovation-contractor business and its associated risks, are not consistent with the future strategy of the Company.”

The Company also announced the resignation of Mr. Howard Anders, its Chief Financial Officer.  His duties will be performed by Mr. John Wilkens, Vice President & Treasurer.

Hospitality Worldwide Services, Inc., through its offices in the United States, Asia, South Africa and Europe; provide goods and services to the global hospitality industry. The Company services such customers as Hyatt, Marriott International, Hilton, Ritz Carlton, Four Seasons, Wyndham, and Sun International.

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.

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Contact:

 Peter Willis
Investor Relations: 
(305) 774-3206 
pwillis@leonardparker.com
http://www.hotelworks.com
 
Also See Merv Griffin's The Blue Moon Hotel Employs Leonard Parker Company for Procurement Services / Nov 1999 

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