Search
 

Starwood Dumps Andersen as Auditor

NEW YORK CITY-Count the hotel owner/developer among the growing list of clients bidding farewell to Arthur Andersen in the wake of the Enron scandal. Ernst & Young will step into the breech.

By John Salustri | Updated on April 08, 2002

NEW YORK CITY-As the Enron-related bad news continues to mount for accounting giant Arthur Andersen, Starwood Hotels & Resorts becomes one of the first real estate related clients to bail from its client base. In a statement released this morning, the White Plains, NY-based owner and developer revealed that its board of directors and audit committee have determined to switch from Andersen to Ernst & Young.

Of course, no details about the scandal were mentioned and Starwood EVP and CFO Ron Brown had only high praise for the embattled auditor. “Arthur Andersen has served as Starwood’s independent auditor since the acquisition of ITT Corp. in early 1998,” he stated. “We would like to thank Arthur Andersen for their efforts on behalf of Starwood, and particularly those individuals with whom we have worked.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.