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Sheraton Corporation of America, 1953 Annual Report
Image 9
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1953 Annual Report - Image 9. 1953. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 15, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1006/show/990.

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 9. 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/990

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 9, 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 15, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1006/show/990.

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 9
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_020_009.jpg
Transcript carries its holdings in Thompson as an investment. The earnings of Thompson are not reflected in Sheraton's earnings as reported to you herewith. Thompson has been paying off preferred stock, which is now reduced to a nominal amount, and has not been paying dividends on its common stock. Three of the principal officers of Sheraton are directors of Thompson and are in close touch with its affairs. It is believed that Thompson is a very valuable investment for Sheraton. Sheraton also owns more than 97% of the preferred and 40% of the common stock of the National Cuba Hotel Corporation. This company owns the Beverly Wilshire Hotel in Beverly Hills, California, the Blackstone in Chicago, the Gotham in New York, in addition to the Hotel Nacional in Havana. There are presently approximately $2,000,000 of interest arrears on the outstanding issue of $5,380,100 in income bonds. As a result the holders of the income bonds control the company. The board of directors is composed of nine members, of which five represent the bondholders and four represent Sheraton. Upon payment of the arrears of interest, control of the company reverts to the preferred stockholders until arrears amounting at this time to approximately $2,000,000 on the preferred stock are paid. When Sheraton acquired its interest in National Cuba Hotel Corporation in 1946 (through the merger with U. S. Realty), the arrears on the debentures were $4,700,000 and the mortgages on the three United States hotels owned by the National Cuba Company amounted to $4,600,000. The mortgages today amount to $3,500,000. Thus the debt ahead of the preferred has been reduced in the intervening years by approximately $3,800,000 and the position of the preferred has improved to that extent. The National Cuba Company does a gross volume of business of approximately $11,000,000 annually, and it has an operating profit before depreciation, interest on the income debentures and income taxes of approximately $1,600,000. Earnings this year after depreciation, and interest and amortization on the debentures, but before income tax approximates $650,000. None of the earnings are in any way reflected in Sheraton's earnings statement. Sheraton carries its shares of preferred and common of the National Cuba Company as an asset in its balance sheet at a value which is deemed to be very conservative. Dividends On August 3, 1953, Sheraton paid, in addition to its regular dividend, a five percent stock dividend. This is the second successive stock dividend paid by the Company. Since all dividends paid by the Company, including the stock dividend are covered by earnings, the .Sheraton shares received can be sold without causing a so-called "impairment of principal." Stockholders wishing to retain these shares, however, can do so without the income tax liability to which they might be subject had the 5% stock dividend been paid in cash, and reinvested in Sheraton stock. In this way each stockholder may in his own discretion elect, either to retain the shares or sell them to realize cash. Any cash thus realized is taxable as a capital gain to the extent that the proceeds received exceed the prorata cost basis of the shares sold, determined by dividing the total basis of shares held prior to the stock dividend by the total number of old and new shares held after the stock dividend. GUEST SERVICES at every Sheraton Hotel are all that could be desired. No effort is spared to make certain that guests' wishes are fulfilled. Sheraton employees are carefully screened prior to employment and just as carefully trained in the performance of their duties. By their efficiency, courtesy and ready spirit of service, Sheraton perT sonnel make Sheraton guests feel that a personal interest is taken in their welfare.