Laureate Education, Inc. to Bring Famed Les Roches School of Hospitality Management to the United States.BALTIMORE -- Company Licenses World-Renowned Les Roches Hospitality Management School Programs to Kendall College This article or section is written like an .
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Laureate Education Laureate Education, Inc. (NASDAQ: LAUR) is an education services holding company, based in Baltimore, Maryland, which owns a number of for-profit colleges and online universities, including Walden University and other college brands worldwide. , Inc. (NASDAQ NASDAQ
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U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :LAUR), the world's leading international provider of higher education higher education
Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. , today announced its agreement to offer Les Roches Hospitality Management School programs in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through a license agreement with Kendall College, a regionally accredited accredited
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As part of the agreement, Laureate Education will loan a total of $18.3 million to Kendall College. The loan will fund buildout, equipment and opening costs for Kendall's new campus in downtown Chicago to replace its current campus in Evanston, Illinois Evanston is a city on Lake Michigan in Cook County, Illinois directly north of Chicago, east of Skokie, and south of Wilmette. The city was first settled in 1836, and has a total population of 74,239. Evanston is part of Chicago's affluent North Shore region. .
In addition, Laureate Education obtains a two-year option to acquire the operating and real estate assets of Kendall for forgiveness of the loan amount and assumption of the $25 million real estate mortgage on the new 150,000 square foot facility.
"The combination of Kendall College's culinary education with Les Roches' world-renowned hospitality management programs is a powerful offering that can address the tremendous need for a quality workforce in the hospitality industry," stated Wolf Hengst, President of Worldwide Hotel Operations at Four Seasons Hotels and Resorts The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter.
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Doug Becker, Laureate Education's Chairman and Chief Executive Officer stated, "Today's agreement with Kendall College marks the launch of Les Roches offerings in the United States, one of the largest untapped markets for our hospitality business. Our existing recruitment network will offer Les Roches and Kendall programs to international students seeking to study in the United States. Kendall College will likewise serve as a feeder school Feeder school is a name applied to schools, colleges, universities, or other educational institutions that provide a significant number of graduates who intend to continue their studies at specific schools, or even in specific fields. to our hospitality management programs in Switzerland and Spain and will serve as a premier platform for campus expansion in the United States," added Mr. Becker.
Founded in 1934, Kendall College (http://www.kendall.edu/) offers bachelors, associates, and certificate programs in Culinary Arts, Hospitality Management, Early Childhood Education, Business and Technology. The Commission on Institutions of Higher Learning higher learning
Education or academic accomplishment at the college or university level. of the North Central Association of Colleges and Schools The North Central Association of Colleges and Schools (NCA) is one of six regional accreditation organizations recognized by the United States Department of Education and Council for Higher Education Accreditation. has continuously accredited Kendall College since 1962. The American Culinary Federation Established in 1929, the American Culinary Federation (ACF) is the largest professional chefs' organization in North America.
ACF, which was the progeny of the combined visions of three chefs' associations in New York, comprises more than 18,000 members in 240 chapters has accredited the School of Culinary Arts since 1988.
Kendall College currently enrolls over 500 students at its suburban Evanston location and plans to relocate to its newly purchased Riverworks facility - a larger, state of the art facility located in Downtown Chicago. The school will begin serving students from the downtown location this September and expects all culinary operations to be fully transitioned by December 2004.
In its fiscal year ended June 2004, Kendall College generated revenues of approximately $10 million.
Additional details of the planned cooperation and curriculum-sharing between Les Roches and Kendall College are featured in a separate news release issued today. This release is available for viewing on Laureate Education's website, www.laureate-inc.com.
About Les Roches
As one of the world's premier hospitality management schools, Les Roches has over 4,000 alumni in management and executive positions throughout the worldwide hospitality industry. The Switzerland-based school has over 25 years of history and was the first hospitality program in Switzerland to offer programs in English.
Les Roches is internationally recognized with over 1,400 students from 75 countries and is continuing its tradition of leadership and innovation.
Recently, Les Roches announced a partnership with Jin Jiang International, one of the largest and most diversified hospitality and tourism groups in China, to opening Les Roches Jin Jiang International Hotel Management College in downtown Shanghai.
About Laureate Education, Inc.
Laureate Education Inc. (NASDAQ:LAUR), formerly Sylvan Learning Systems, Inc., is focused exclusively on providing a superior university experience to over 130,000 students through the leading global network of accredited campus-based and online universities. Addressing the rapidly growing global demand for higher education, Laureate offers a broad range of career-oriented undergraduate and graduate programs through campus-based universities located in Latin America and Europe. Through online universities, Laureate offers the growing population of non-traditional, working-adult students the convenience and flexibility of distance learning to pursue undergraduate, master's and doctorate degree programs in major career fields including engineering, education, business, and healthcare.
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