The hotel industry as a whole experienced a slight drop
in the room occupancy rate in 1957 which, since 1953,
had stabilized at around 72%. The decline in 1957 to
70% was not reflected in revenues, which rose by about
3% largely as the result of increases in average room
rates. Improved beverage and food sales which increased
three and two per cent, respectively, over 1956, contributed to higher industry revenues.
Hilton Hotels Corporation's unbroken record of
growth was maintained in 1957. The average room
occupancy was 73% for the year. Gross Revenues for
the first time exceeded a fifth of a billion dollars.
They amounted to $205,313,905, a rise of 3.2% over the
$198,865,196 volume of 1956.
Gross revenues in 1957 were augmented by the first
full year's operations of The Netherland Hilton, The Terrace Hilton and The Continental Hilton and they benefitted also by the acquisition of The Savoy-Plaza in February. Off-setting these gains was the loss of revenues
from the Roosevelt, the Mayflower, the Senator and New
Yorker hotels, which, prior to their sale, contributed the
results of operations for two, three, five and ten months,
respectively, to 1956 revenues.
The largest single source of revenues in 1957 was room
rentals, which accounted for $87,637,170, compared
with $85,082,755 a year earlier. Combined food and
beverage sales increased from $89,264,241 in 1956 to
$92,342,835 in 1957. Revenues from all other operated
departments amounted to $15,546,591, compared with
$15,368,355 the preceding year. Store rentals totaled
$3,046,132 during 1957, compared with $2,696,413 for
the year 1956. Other income in 1957 amounted to
-,674,023, against $4,880,387 in 1956.