Restaurant owners Andrew and Peggy Cherng accepted the 2007 Businesspersons of the Year award Feb. 7 from the Business Journal.

Publisher Matt Toledo presented the award at the Biltmore Hotel in downtown Los Angeles. The luncheon event drew nearly 500 of the couple’s family members, friends and associates.

Toledo congratulated the minority business owners, who immigrated to the United States from Asia to get their higher education and opened their first restaurant in 1973 in Pasadena.

“They are a model of the American dream.” Toledo said. “They are emblematic of the entrepreneurs who come to Los Angeles to make their dreams a reality.”

The Cherng’s own Panda Restaurant Group, which operates more than 1,000 Panda Express outlets in the United States, Puerto Rico and Japan. Sales hit $1.1 billion last year.

Andrew Cherng expressed gratitude for the recognition.

“We are truly blown away,” he said. “To have our pictures among previous Hall of Famers is just unbelievable.”

Previous inductees of the honor are Kent Kresa, former chairman and chief executive of Northrop Grumman Corp.; biotech entrepreneur Alfred Mann; businessman John Anderson; billionaire Eli Broad; venture capitalist and former L.A. Mayor Richard Riordan; and Ed Roski Jr., chairman and chief executive of Majestic Realty Co.

Andrew Cherng said that Panda’s mission to “deliver exceptional Asian dining experiences” is achieved first by serving the company’s employees and inspiring them to do their best.

He stressed the family atmosphere that the company promotes among employees, but maintained he has more to learn about improving himself as he continues to lead the company.

“We are learning that there is a lot that we don’t know how to do,” Andrew said. “I want to be humble, stay curious and be real in all I do. It is never too late to re-look at what I can do for my family and community at large.”

The event also honored 72 other businesses and organizations throughout Los Angeles that are industry leaders.

Some of the other honorees included Viewsonic Corp. as the number one minority-owned business, O’Melveny & Myers LLP as the top law firm and the Westin Bonaventure Hotel & Suites as the top hotel.