EMPLOYMENT AGREEMENT


                  AGREEMENT  made as of this 1st day of  January,  1998,  by and
between HOSPITALITY  WORLDWIDE  SERVICES,  INC., a New York corporation with its
principal   office  at  450  Park  Avenue,   New  York,   New  York  10022  (the
"Corporation"),  and DOUGLAS PARKER, residing at 4140 Pinta Court, Coral Gables,
Florida 33146 ("Executive").

                              W I T N E S S E T H :

                  WHEREAS, Executive has heretofore been employed pursuant to an
employment  agreement  dated as of January 9, 1997  between The  Leonard  Parker
Company and Executive (the "Prior Agreement");

                  WHEREAS,  Executive and the Corporation desire to enter into a
new employment agreement that supersedes and replaces the Prior Agreement;

                  WHEREAS,   the  Corporation  desires  to  continue  to  employ
Executive, and Executive is willing to undertake such employment, upon the terms
and subject to the conditions hereinafter set forth;

                  NOW,  THEREFORE,  in  consideration  of the  premises  and the
mutual covenants hereinafter set forth, the parties hereto agree as follows:

                  1.  Employment of Executive.  The  Corporation  hereby employs
Executive as its President, to perform the duties and responsibilities  incident
to such offices,  subject at all times to the control and direction of the Board
of  Directors  of the  Corporation  (the  "Board  of  Directors")  and the Chief
Executive Officer of the Corporation (the "CEO").


<PAGE>
                  2.  Acceptance of Employment;  Time and  Attention.  Executive
hereby  accepts  such  employment  and  agrees  that  throughout  the  Term  (as
hereinafter  defined),  he will devote his full time,  attention,  knowledge and
skills, faithfully, diligently and to the best of his ability, in furtherance of
the business of the  Corporation,  and will  perform the duties  assigned to him
pursuant  to Section 1 hereof,  subject,  at all  times,  to the  direction  and
control of the Board of Directors and the CEO. As the President, Executive shall
perform such specific  duties and shall exercise such specific  authority as may
be assigned to  Executive  from time to time by the Board of  Directors  and the
CEO.  Executive  shall at all times be subject  to,  observe  and carry out such
rules,  regulations,  policies,  directions and  restrictions as the Corporation
shall from time to time establish. During the Term, Executive shall not, without
the written  approval of the Board of  Directors  first had and obtained in each
instance,  directly or indirectly,  accept  employment or compensation  from, or
perform  services  of any nature for,  any  business  enterprise  other than the
Corporation  and its  subsidiaries.  During  the  Term,  Executive  shall not be
entitled  to  additional  compensation  for  rendering  employment  services  to
subsidiaries  of the Company or for serving in any office of the  Corporation or
any of its subsidiaries to which he is elected or appointed.

                  3. Term.  Except as  otherwise  provided  herein,  Executive's
employment  hereunder  shall be for a two (2) year term commencing as of January
1, 1998 (the "Initial Term"), which may be

                                       -2-

<PAGE>
renewed  for such one (1) year  periods as the  Corporation  and  Executive  may
mutually  agree  during the  ninety  (90) day  period  immediately  prior to the
expiration of the Initial Term or any renewal  thereof (the Initial Term and any
such renewal thereof are hereinafter collectively referred to as the "Term").

                  4.  Compensation.  The Corporation shall pay to the Executive,
commencing  as of  January  1,  1998,  for the  first  year  of his  employment,
compensation  at the rate of two hundred fifty thousand  ($250,000)  dollars per
year  ("Base  Salary").  For  each  year  thereafter,  the Base  Salary  will be
increased by (i) the percentage increase in the consumer price index (the "CPI")
for the New York/Northeastern New Jersey region,  published by the United States
Department of Labor,  at January 1 of such year over the CPI at January 1 of the
prior year or (ii) such  higher  amount as shall be  determined  by the Board of
Directors. Such compensation shall be payable in equal monthly installments.  In
addition, Executive shall be entitled to receive from the Corporation such bonus
(the "Bonus") as the Board of Directors shall in its sole discretion  determine.
All  compensation  paid to Executive  shall be subject to withholding  and other
employment taxes imposed by applicable law.

                  5. Additional  Benefits.  (a) In addition to such Base Salary,
he (and his family) shall be entitled to  participate,  to the extent he is (and
they  are)   eligible   under  the  terms  and   conditions   thereof,   in  any
profit-sharing,  pension, retirement,  hospitalization,  insurance,  disability,
medical  service,  stock option,  bonus or other employee benefit plan generally
available to

                                       -3-

<PAGE>
the  executive  officers of the  Corporation  that may be in effect from time to
time  during  the  Term,  as  well  as  any  discretionary  bonus  pool  of  the
Corporation.  The  Corporation  shall be under no  obligation  to  institute  or
continue the existence of any such employee benefit plan.

                  (b) The  Corporation  shall  obtain and maintain in full force
and effect during the Term, at the Corporation's sole cost and expense, a policy
or policies of term  insurance on the life of Executive  in the  aggregate  face
amount of five hundred thousand  ($500,000)  dollars.  Executive shall submit to
any physical examinations  necessary to obtain such policies and shall otherwise
cooperate  with the  Corporation  in  obtaining  such  insurance  coverage.  Any
insurance policy maintained by the Corporation on the life of Executive pursuant
to this Section 5(b) shall be made payable to such  beneficiary or beneficiaries
as  Executive  may  designate  by  written  notice  to the  Corporation  and the
Corporation  agrees,  promptly  upon  receipt of such  notice,  to take all such
action as may be necessary so as to notify the appropriate  insurance company of
any change of beneficiary.

                  6. Reimbursement of Expenses.  The Corporation shall reimburse
Executive in accordance  with  applicable  policies of the  Corporation  for all
expenses,   including  automobile  expenses,   reasonably  incurred  by  him  in
connection with the performance of his duties  hereunder and the business of the
Corporation,  upon the submission to the Corporation of appropriate  receipts or
vouchers.

                                       -4-

<PAGE>
                  7.  Facilities  and Personnel.  Executive  shall be provided a
private  office,  secretarial  services  and such  other  facilities,  supplies,
personnel  and  services as shall be required or  reasonably  requested  for the
performance of his duties hereunder.

                  8.  Vacation.  Executive  shall be entitled to four (4) weeks'
paid vacation in respect of each twelve (12) month period during the Term,  such
vacation to be taken at times  mutually  agreeable to Executive and the Board of
Directors and in  accordance  with the  Corporation's  vacation  policy.  Unused
vacation shall be carried over to the subsequent twelve (12) month period.

                  9. Restrictive Covenant. In consideration of the Corporation's
entering into this Agreement, Executive agrees that during the Term, he will not
(i) directly or indirectly own, manage, operate, join, control,  participate in,
invest in, or otherwise be connected with, in any manner, whether as an officer,
director,  employee, partner, investor or otherwise, any business entity that is
engaged in the business of hotel  renovation,  procurement  of hotel  furniture,
fixtures and equipment,  procurement and reordering of hotel operating  supplies
and equipment,  the development of hotel  properties or any other business which
the  Corporation  is then engaged in, (ii) for himself or on behalf of any other
person,  partnership,  corporation  or  entity,  call  on  any  customer  of the
Corporation for the purpose of soliciting, diverting or taking away any customer
from  the  Corporation,  or  (iii)  induce,  influence,  or  seek to  induce  or
influence, any person

                                       -5-

<PAGE>
engaged  as  an  employee,  representative,  agent,  independent  contractor  or
otherwise by the  Corporation,  to terminate  his or her  relationship  with the
Corporation. Nothing herein contained shall be deemed to prohibit Executive from
investing his funds in securities of an issuer if the  securities of such issuer
are listed for  trading on a national  securities  exchange or are traded in the
over-the-counter  market and Executive's holdings therein represent less than 1%
of the total  number of shares or  principal  amount of the  securities  of such
issuer outstanding.

                  Executive  acknowledges  that the provisions of this Section 9
are  reasonable and necessary for the  protection of the  Corporation,  and that
each provision,  and the period or periods of time,  geographic  areas and types
and scope of  restrictions  on the  activities  specified  herein  are,  and are
intended to be,  divisible.  If any  provision of this Section 9,  including any
sentence,  clause or part hereof,  shall be deemed contrary to law or invalid or
unenforceable in any respect by a court of competent jurisdiction, the remaining
provisions shall not be affected,  but shall,  subject to the discretion of such
court,  remain in full  force  and  effect  and any  invalid  and  unenforceable
provisions  shall be deemed,  without  further action on the part of the parties
hereto, modified, amended and limited to the extent necessary to render the same
valid and enforceable.

                  10.  Confidential  Information.  Executive  shall  hold  in  a
fiduciary capacity for the benefit of the Corporation all information, knowledge
and data relating to or concerned with its

                                       -6-

<PAGE>
operations,  sales,  business and  affairs,  and he shall not, at any time for a
period of two (2) years after  termination  of his  employment  hereunder,  use,
disclose or divulge any such information,  knowledge or data to any person, firm
or  corporation  (unless the  Corporation  no longer treats such  information as
confidential)  other than to the  Corporation  or its designees and employees or
except as may otherwise be required in connection  with the business and affairs
of the Corporation;  provided,  however,  that Executive may disclose or divulge
such  information,  knowledge  or data  that (i) was known to  Executive  at the
commencement  of  his  employment  with  the  Corporation;  (ii)  is or  becomes
generally  available to the public through no wrongful act on Executive's  part;
or (iii) becomes  available to Executive  from a person or entity other than the
Corporation; and provided, further, that the provisions of this Section 10 shall
not apply to  Executive's  know-how to the extent  utilized by him in subsequent
employment otherwise than in breach of this Agreement.

                  11.  Intellectual  Property.  Any  idea,  invention,   design,
written  material,  manual,  system,  procedure,  improvement,   development  or
discovery  conceived,  developed,  created  or made by  Executive  alone or with
others,  during the Term and  applicable  to the  business  of the  Corporation,
whether or not  patentable or  registrable,  shall become the sole and exclusive
property of the  Corporation.  Executive  shall  disclose the same  promptly and
completely  to the  Corporation  and shall,  during the Term and at any time and
from time to time hereafter (i) execute all documents

                                       -7-

<PAGE>
requested by the  Corporation  for vesting in the  Corporation the entire right,
title and interest in and to the same,  (ii) execute all documents  requested by
the  Corporation  for filing and  prosecuting  such  applications  for  patents,
trademarks,  service  marks and/or  copyrights as the  Corporation,  in its sole
discretion,  may  desire  to  prosecute,  and  (iii)  give the  Corporation  all
assistance  it  reasonably  requires,  including  the giving of testimony in any
suit,  action or  proceeding,  in order to  obtain,  maintain  and  protect  the
Corporation's right therein and thereto.

                  12.  Equitable  Relief.  The parties hereto  acknowledge  that
Executive's  services  are  unique  and  that,  in the  event of a  breach  or a
threatened  breach by Executive of any of his obligations  under this Agreement,
the Corporation  shall not have an adequate remedy at law.  Accordingly,  in the
event of any such breach or  threatened  breach by  Executive,  the  Corporation
shall be entitled to such equitable and injunctive relief as may be available to
restrain Executive and any business, firm, partnership,  individual, corporation
or entity  participating in such breach or threatened  breach from the violation
of the provisions  hereof.  Nothing herein shall be construed as prohibiting the
Corporation  from pursuing any other remedies  available at law or in equity for
such breach or  threatened  breach,  including  the  recovery of damages and the
immediate termination of the employment of Executive hereunder.

                  13.      Termination for Cause.  (a)  The Corporation may at
any time dismiss Executive for "Cause."  For purposes of this

                                       -8-

<PAGE>
Agreement,  the following shall constitute "Cause":  (i) the death of Executive;
or (ii) the failure of  Executive,  as a result of  illness,  physical or mental
disability or other incapacity to render the services provided in this Agreement
for a period of one hundred eighty (180)  consecutive days or one hundred eighty
(180) days during any one (1) year period ("Disability"); or (iii) the breach by
Executive of a fiduciary duty in the  performance  of his duties  hereunder or a
breach of a material term of this Agreement,  including (x) theft, embezzlement,
fraud,  misappropriation  of funds, other acts of dishonesty or the violation of
any law relating to Executive's  employment;  (y) Executive shall have entered a
plea of guilty or nolo  contendre to, or have been found by a court of competent
jurisdiction to be guilty of a felony or other crime involving moral  turpitude;
and  (z) the  breach  by  Executive  of any  other  material  provision  of this
Agreement,   which  breach  is  not  cured  to  the   Corporation's   reasonable
satisfaction  within thirty (30) days after written notice thereof;  or (iv) the
failure  by  Executive  to carry out any  reasonable  directive  of the Board of
Directors  commensurate with Executive's  duties hereunder,  which failure shall
continue for thirty (30) days after written notice thereof.

                  (b) In the  event  of  Executive's  Disability,  he  shall  be
entitled  to receive so much of the Base  Salary  payments  due under  Section 4
hereof  during the period of his  Disability  and for a period of eighteen  (18)
months thereafter.

                                       -9-

<PAGE>
                  (c) In the  event of  termination  of  Executive's  employment
hereunder  by reason of his  death,  the  Corporation  shall pay a benefit  (the
"Benefit  Payment") to such person or persons as Executive shall, at his option,
from time to time designate by written instrument delivered to the Corporations,
each  subsequent  designation  to revoke all prior  designations,  or if no such
designation  is made, to  Executive's  estate (the "Payment  Beneficiary").  The
Benefit  Payment  shall  be in  an  amount  equal  to  one  and  one-half  times
Executive's  then  current  Base  Salary,  and shall be payable  to the  Payment
Beneficiary in equal  quarterly  installments  over a period of one and one-half
years,  provided that if the Corporation  then maintains a life insurance policy
on the life of Executive  under which it is the  beneficiary,  the amount of the
death  benefit  payable  thereunder,  to a maximum  amount  equal to the Benefit
Payment,  less  installments of the Benefit Payment  theretofore  paid, shall be
paid to the Payment  Beneficiary on the Benefit Payment installment payment date
next  succeeding the date on which the  Corporation  receives such death benefit
proceeds,  and the remainder of the Benefit  Payment,  if any,  shall be paid in
equal quarterly installments as provided above.

                  14.  Change of Control.  (a) If prior to  termination  of this
Agreement,  there should be a "Change of  Control," as defined in Section  14(b)
below,  and thereafter  (i)  Executive's  services  should be terminated for any
reason other than Executive's  voluntary  withdrawal or Cause, or (ii) Executive
is placed in any  position  of lesser  stature  than that of a senior  executive
officer

                                      -10-

<PAGE>
of the  Corporation;  is assigned duties  inconsistent  with a senior  executive
officer or duties which, if performed,  would result in a significant  change in
the nature or scope of powers,  authority,  functions or duties inherent in such
position on the date hereof;  is assigned  performance  requirements  or working
conditions  which are at variance with the performance  requirements and working
conditions in effect immediately prior to the Change of Control;  or is accorded
treatment  on a general  basis that is in  derogation  of his status as a senior
executive officer; (iii) any breach of Sections 4 through 8, inclusive,  of this
Agreement; or (iv) any requirement of the Corporation that the location at which
Executive  performs his principal duties for the Corporation be outside a radius
of 30  miles  from  the  location  at  which  Executive  performed  such  duties
immediately prior to the Change of Control, then the Executive may terminate his
employment and this Agreement and upon such  termination,  the Corporation  will
pay to Executive,  as liquidated  damages, a lump sum cash payment equal to 2.99
times Base  Salary  (unless  Base  Salary is greater  than the "base  amount" of
Executive's  compensation,  in which case the amount paid to Executive hereunder
shall be 2.99 times the "base amount" of Executive's compensation). For purposes
hereof,  "base amount" shall have the meaning provided in Section  280G(b)(3)(A)
of the Internal Revenue Code of 1986, as amended,  and the Proposed  Regulations
thereunder.

                  (b)      "Change of Control" shall be deemed to have taken
place if (i) any person, including a group, becomes the beneficial

                                      -11-

<PAGE>
owner of shares of the  Corporation  having  50% or more of the total  number of
votes that may be cast for the election of directors of the Corporation; or (ii)
there  occurs any cash tender or exchange  offer for shares of the  Corporation,
merger or other business  combination,  sale of assets or contested election, or
any  combination  of  the  foregoing  transactions,  and  as a  result  of or in
connection  with any such event  persons who were  directors of the  Corporation
before the event shall cease to  constitute a majority of the Board of Directors
of the  Corporation  or any successor to the  Corporation.  As used herein,  the
terms "person" and "beneficial  owner" have the same meaning as such terms under
Section 13 (d) of the Securities Exchange Act of 1934, as amended, and the rules
and regulations hereunder.

                  15. Insurance  Policies.  The Corporation shall have the right
from time to time to purchase,  increase, modify or terminate insurance policies
on the life of Executive for the benefit of the Corporation,  in such amounts as
the Corporation shall determine in its sole discretion. In connection therewith,
Executive  shall,  at such  time or times  and at such  place or  places  as the
Corporation may reasonably direct,  submit himself to such physical examinations
and execute and deliver such documents as the  Corporation may deem necessary or
desirable.

                  16. Entire Agreement;  Amendment.  This Agreement  constitutes
the entire agreement of the parties hereto,  and any prior agreement between the
Corporation  and  Executive  is  hereby  superseded  and  terminated   effective
immediately and shall be

                                      -12-

<PAGE>
without further force or effect. No amendment or modification  shall be valid or
binding unless made in writing and signed by the party against whom  enforcement
thereof is sought.

                  17. Notices.  Any notice required,  permitted or desired to be
given  pursuant to any of the  provisions of this  Agreement  shall be deemed to
have been  sufficiently  given or served for all purposes if delivered in person
or by responsible  overnight  delivery service or sent by certified mail, return
receipt requested,  postage and fees prepaid as follows:

                      If to the Corporation, at its address set
                      forth above, with copies to:

                      Olshan Grundman Frome & Rosenzweig LLP
                      505 Park Avenue
                      New York, New York  10022
                      Attention: Robert H. Friedman, Esq.

                      If to Executive, at his address set forth above.


Either of the  parties  hereto may at any time and from time to time  change the
address to which  notice  shall be sent  hereunder  by notice to the other party
given under this Section 17. The date of the giving of any notice hand delivered
or delivered by responsible  overnight carrier shall be the date of its delivery
and of any notice sent by mail shall be the date five days after the date of the
posting of the mail.

                  18. No Assignment; Binding Effect. Neither this Agreement, nor
the right to receive any payments hereunder, may be assigned by Executive.  This
Agreement shall be binding upon

                                      -13-

<PAGE>
Executive, his heirs, executors and administrators and upon the Corporation, its
successors and assigns.

                  19. Waivers. No course of dealing nor any delay on the part of
the Corporation in exercising any rights  hereunder shall operate as a waiver of
any such rights.  No waiver of any default or breach of this Agreement  shall be
deemed a continuing waiver or a waiver of any other breach or default.

                  20.   Governing  Law.  This   Agreement   shall  be  governed,
interpreted  and construed in accordance with the laws of the State of New York,
except that body of law relating to choice of laws.

                  21. Invalidity. If any clause,  paragraph,  section or part of
this Agreement shall be held or declared to be void, invalid or illegal, for any
reason,  by any  court  of  competent  jurisdiction,  such  provision  shall  be
ineffective  but shall not in any way  invalidate  or affect  any other  clause,
paragraph, section or part of this Agreement.

                  22. Further Assurances. Each of the parties shall execute such
documents  and take such other  actions as may be  reasonably  requested  by the
other  party to carry out the  provisions  and  purposes  of this  Agreement  in
accordance with its terms.


                                      -14-

<PAGE>
                  IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this
Employment  Agreement  to be duly  executed  as of the day and year first  above
written.

                                   HOSPITALITY WORLDWIDE SERVICES, INC.


                                   By:       /s/ Robert Berman
                                            ------------------------------------
                                      Name:  Robert Berman
                                      Title: Chairman of the Board
                                             and Chief Executive
                                             Officer


                                   /s/ DOUGLAS PARKER
                                   --------------------------------------------
                                                DOUGLAS PARKER



                                      -15-