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Hilton Hotels, 1962 Annual Report
Image 21
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Hilton Hotels Corporation. Hilton Hotels, 1962 Annual Report - Image 21. 1962. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. August 11, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/120/show/100.

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. (1962). Hilton Hotels, 1962 Annual Report - Image 21. 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/120/show/100

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, 1962 Annual Report - Image 21, 1962, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed August 11, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/120/show/100.

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 Hilton Hotels, 1962 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1962
Description Hilton Hotels Annual Report for calendar year 1962.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
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 21
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_015_021.jpg
Transcript gage loan on The Palmer House was entered into in December. Initially, $10,500,000 was taken down and the balance of the loan will be available upon completion of a modernization program. The program will consist in part of remodeling 576 rooms from the sixth to the eleventh floors, and construction of two large function rooms in the existing outside courts. This will have the effect of creating a hotel within a hotel which will have its own registration desk, restaurants, swimming pool and banquet halls. The inner hotel will be attractive to convention groups that want to meet in a large downtown hotel but be segregated from other guests. Other sections of the 37-year-old hotel also will be remodeled. Outstanding debentures were reduced during the year through purchase for the treasury of $789,000 of 6% subordinated debentures due in 1984 and $273,000 of 43^% debentures due in 1970. These debentures may be applied against future sinking fund requirements. Capital expenditures for modernization projects totaled $5,683,935 in 1962, compared with $9,860,963 in 1961. The largest expenditure was for completion of the additional convention facilities at The Conrad Hilton. Many of the other projects improved the physical facilities in areas which are not readily apparent to guests but which add materially to their comfort and convenience. A wholly-owned subsidiary, Metropolitan Hotel Corporation which had owned The Portland Hilton, was liquidated into the parent corporation during 1962. As a result, the parent corporation's income tax liability was reduced through utilization of prior years losses of this subsidiary. The following is a condensed consolidated statement of source and applications of funds for the year ended December 31, 1962: SOURCE OF FUNDS: Net profit $ 17,664,529 Less: net profit from property sales, etc 11,932,372 Net profit from operations 5,732,157 Depreciation and amortization .... 12,691,485 Proceeds from sales of properties and investments 39,659,374 Collections on notes receivable 539,813 Net proceeds from new financing. 9,952,850 Decrease in cash 5,132.348 $ 73,708,027 FUNDS APPLIED TO: Payment of long-term debt $ 17,012,403 Capital expenditures 24,365,587 Investments 18,322,276 Redemption of preferred stock 5,968,017 Dividends 5,957,622 Increase in other net assets 2,082,122 $ 73,708,027 INVESTMENTS: Hilton Hotels in 1963 increased its ownership in Hilton Credit Corporation to 68 per cent of the latter's outstanding common stock. Initially, the Corporation owned 1,000,000 shares or 34 per cent of the stock of Hilton Credit Corporation. In January, 1959, the stockholders of Hilton Hotels Corporation were offered the opportunity of buying one share of Hilton Credit Corporation stock for each two shares of Hilton Hotels common stock held by them, at a price of $3.25 per share. This offer resulted in Hilton Credit Corporation being publicly held. To provide greater flexibility in Hilton Credit's operations, Hilton Hotels offered to purchase up to 1,390,706 shares of Hilton Credit stock at a price of $3.25 a share, the same as the original offering price. Hilton Hotels Corporation has no intention of merging with Hilton Credit Corporation. STOCKHOLDERS EQUITY PER SHARE 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 19