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Sheraton Corporation of America, 1953 Annual Report
Image 19
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1953 Annual Report - Image 19. 1953. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 20, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1006/show/1000.

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.

Starwood Hotels & Resorts. (1953). Sheraton Corporation of America, 1953 Annual Report - Image 19. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/1006/show/1000

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.

Starwood Hotels & Resorts, Sheraton Corporation of America, 1953 Annual Report - Image 19, 1953, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 20, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1006/show/1000.

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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Compound Item Description
Title Sheraton Corporation of America, 1953 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1953
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1953.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Starwood Hotels & Resorts
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • 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 No Copyright - United States
File Name index.cpd
Item Description
Title Image 19
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_020_019.jpg
Transcript AMERICA AND SUBSIDJtRIES^ Notes to Financial Statements For the Year ended April 30, 1953 Note 1—These statements do not reflect $900,747 of net unrealized gain on investments and mortgages owned. Note 2—The book values of investment securities have been stated on the basis of Court values if such determination was made, market values at April 30, 1946 for securities then owned by subsidiaries, market values at May 16, 1946 for securities then owned by Sheraton Corporation or United States Realty and Improvement Company, and cost for securities purchased since May 16,1946. Securities with a book value of $5,870,782, which are eliminated in consolidation, are pledged to secure notes payable. Note 3—Substantially all of the real estate and furniture and equipment are pledged to secure mortgages or other long-term debt. The fixed assets have not been stated at the net values as shown by the books of the respective companies but at net values after depreciation, computed on the following bases: (1) values determined by the District Court of the United States for the Southern District of New York in connection with the reorganization of United States Realty and Improvement Company if such determination was made, (2) values determined by officers of Sheraton Corporation for properties owned at April 30, 1946 for which the Court did not make a determination, (3) cost for all assets acquired since that date, with the inclusion therein of the excess of the cost of investments made in subsidiaries' securities over the equity acquired by such investments as shown by the books of the subsidiaries at the dates of such acquisitions. Note 4—The company is obligated to make available funds, not exceeding $90,000, to defray expenses of litigation in connection with certain claims which may be asserted by the Trustee of United States Realty and Improvement Company in addition to $10,000 heretofore paid. Note 5—All of the preferred stock outstanding in the hands of the public was called for redemption April 30, 1952. The shares in the Treasury were cancelled and retired during the year ended April 30, 1953. At the next annual meeting, the stockholders will vote on the elimination of the authorized preferred stock, 110,000 shares, from the capital structure of the corporation. Note 6—Of the total common shares shown as issued and issuable, 5,381 shares are issuable upon surrender of old shares of United States Realty and Improvement Company, and shares of Sheraton Corporation and its predecessor corporations. Note 7—The securities of 26 of the consolidated subsidiaries of Sheraton Corporation of America were acquired at costs which were in total $4,889,102 less than the book values of the equities thus acquired. That difference is shown in the balance sheet as Surplus from Consolidation. The securities of 8 of the consolidated subsidiaries were acquired at $4,048,563 more than the book values of the equities thus acquired. That difference has been treated in these statements as additional cost of fixed assets and allocated on a prorata basis, $1,305,478 to land and leaseholds and $2,743,085 to buildings. Depreciation of buildings and amortization of leaseholds is accordingly stated herein at $110,675 more than is shown by the subsidiaries. Note 8—With the exception of 2 corporations excluded in prior years, the consolidation includes all subsidiaries 50% or more owned, totalling 55. Note 9—The portion of consolidated earned surplus applicable to Canadian subsidiaries is $1,780,484, which is subject to a 5% withholding tax on dividends. Note 10—The properties of Canadian subsidiaries are included at Canadian dollar cost after adjustment to United States dollar equivalents reflecting exchange rates in effect at dates of acquisitions- and after adjustment to increase first mortgage bonds to par. The portion of the first mortgage bonds of the Canadian subsidiaries due after April 30,1954 are reflected at their United States dollar equivalents using the exchange rate in effect at the date the indebtedness was incurred, but not less than par. The current assets and liabilities are reflected at the April 30,1953 exchange rate. Note 11—In June 1950, the office building formerly owned by Whitehall Improvement Corporation was sold and leased back under a long-term lease agreement. A subsidiary operates the building under a lease expiring June 11, 2010. The terms of the lease require the payment, in addition to local taxes assessed against the property, of an annual rental of $750,000 to December 11, 1961, and $130,000 thereafter. The rental to December 11,1961 is guaranteed by Sheraton Corporation of America. Note 12—A contract has been signed for the installation of television equipment, aggregating approximately $1,000,000.