Preferred Hotels & Resorts is a worldwide brand of independently owned luxury hotels and resorts. Founded in 1968 as a referral service for the top guests of six independent hoteliers, the association has grown into its current status as a stock corporation representing more than 120 hotels worldwide. To qualify as a hotel or resort, each property must pass Preferred's award-winning Standards of Excellence. The quality-assurance program, which includes an annual unannounced inspection, helps ensure quality. Preferred Hotels & Resorts is headquartered in Chicago.