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Hilton Hotels, 1953 Annual Report
Image 17
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Hilton Hotels Corporation. Hilton Hotels, 1953 Annual Report - Image 17. 1953. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 20, 2017. http://digital.lib.uh.edu/collection/hiltonar/item/1519/show/1511.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation. (1953). Hilton Hotels, 1953 Annual Report - Image 17. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from http://digital.lib.uh.edu/collection/hiltonar/item/1519/show/1511

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation, Hilton Hotels, 1953 Annual Report - Image 17, 1953, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 20, 2017, http://digital.lib.uh.edu/collection/hiltonar/item/1519/show/1511.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Hilton Hotels, 1953 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1953
Description Hilton Hotels Annual Report for calendar year 1953.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
Genre (AAT)
  • annual reports
Language English
Type (DCMI)
  • Text
  • Still Image
Original Item Location Conrad N. Hilton Papers
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction This image is in the public domain and may be used freely. If publishing in print, electronically, or on a website, please cite the item using the citation button.
File Name index.cpd
Item Description
Title Image 17
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_006_017.jpg
Transcript NOTES TO FINANCIAL STATEMENTS CO COMPANIES INCLUDED IN CONSOLIDATION The consolidated statements include the accounts of the Corporation and its Subsidiaries, all of which were wholly-owned at December 31, 1953. C2) FIXED ASSETS The properties included under fixed assets at December 31, 1953 were the same as in the preceding year except for the changes in acquisitions and sales mentioned in the annual report to stockholders. Such asset values were carried at cost or were carried over from the predecessor companies together with related depreciation reserves at predecessors' basis, plus additions at cost. The investment in Hotel Waldorf-Astoria Corporation, which was merged with the Parent at December 31, 1953, and whose net assets were then transferred to the new Hotel Waldorf-Astoria Corporation, a wholly-owned subsidiary, was acquired at $1,934,591.53 more than the book value of the equity thus acquired. The difference has been treated as additional cost of leasehold and amortized accordingly. (3) CAPITAL. STOCK Cumulative First Preferred 5% Series "A" shares carry preference as to dividends and sinking fund requirements over all other classes of stock. The 4% Cumulative Convertible Preference shares carry preference as to dividends and sinking fund requirements over common shares. Dividends have been paid and sinking fund requirements have been complied with at December 31, 1953. C4) LONG TERM LEASES Certain properties are operated by the Corporation and its Subsidiaries under long-term leases ranging from two to twenty-five years from December 31, 1953, at which time the total minimum annual fixed or basic rentals payable under such leases were approximately $3,500,000.00 C53 RESTRICTIONS ON SUBSIDIARY Hilton Hotels International, Inc., is restricted under the terms of a certain note payable, in the amount of $500,000.00, from lending money to the Parent or any affiliate, except wholly-owned subsidiaries; purchasing, redeeming or retiring any of its outstanding capital stock and payment of dividends, so long as any installments of principal and interest on the note remain unpaid. GEN ERAL The wholly-owned subsidiary, Hilton Hotels International, Inc., has entered into preliminary leases, subject to certain conditions, for the operation of hotels under construction in Istanbul, Turkey and Havana, Cuba. Preliminary lease agreements were entered into, subject to certain conditions, for the operation of proposed hotels in Cairo, Egypt; Acapulco, Mexico; and Mexico City, Mexico. A preliminary agreement provides that Hilton Hotels International, Inc., will purchase for 250,000 pounds sterling (approximately $700,000.00) 50% of the common shares of a new corporation which is to erect a hotel in London, England. Hilton Hotels International, Inc., is to operate this hotel under a management agreement. Pursuant to agreements with Manufacturers Trust Company and Hotel New Yorker Corporation, Hilton Hotels Corporation agreed to purchase from these parties at their respective option, within the period from August 20, 1954 to December 20, 1954, 9,060 shares of Hilton Hotels Corporation 5% Cumulative First Preferred Stock, Series "A", and 7,311 shares of its common stock at a minimum price of $830,500.00 subject to adjustments not as yet determinable. Contract commitments in connection with the construction of The Beverly Hilton approximated $8,000,000.00 at December 31, 1953. There is not reflected in the consolidated statements any liability that may result in the event of an unsuccessful defense of an action brought against Hotel Waldorf-Astoria Corporation by a former employee. In the opinion of counsel for the Company, good defenses exist to the action, which has not yet been brought to trial. 16