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| Title | Hilton Hotels, 1962 Annual Report |
| Creator (LCNAF) |
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| Publisher | Hilton Hotels Corporation |
| Date | 1962 |
| Description | Hilton Hotels Annual Report for calendar year 1962. |
| Subject.Topical (LCSH) |
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| Subject.Name (LCNAF) |
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| Genre (AAT) |
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| Language | English |
| Type (DCMI) |
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| 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 |
| Title | Image 8 |
| Format (IMT) |
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| File Name | hiltonar_201609_015_008.jpg |
| Transcript | President's Letter TO OUR SHAREHOLDERS: During 1962, Hilton Hotels Corporation moved much closer to its goal of having sufficient coverage of the vital cities of the Free World to achieve the benefits of truly global operations. With the opening of 11 hotels in 1963, the Corporation will reach a reasonable approximation of this goal. To gear itself for this unique opportunity, as well as to offset negative trends brought on by excess capacity within the United States hotel industry, the Corporation in the year just ended expanded its national sales and convention organization. We extended the instant reservation service to a total of 189 cities, re-emphasized training of executives and employees, introduced efficiency measures to combat rising costs without affecting the quality of service and signed contracts for nine new hotels in carefully selected cities. A number of improvements have been made in the Corporation's financial structure. Statler Hotels Delaware Corporation has been merged into Hilton Hotels, which permits the disposition of those hotels which we believe can be operated more profitably by local interests. The Corporation, through sale of The Savoy Hilton and the land under The Palmer House, lightened its investment in domestic fixed assets and utilized some of the proceeds to retire outstanding securities. In January, 1963, the Corporation purchased 300,000 shares of its common stock for the treasury. The purpose of this purchase was to offset shares heretofore issued to acquire certain properties no longer owned by the Corporation. During the present year, every effort will be made to improve further the Corporation's financial position. Many of these actions were of a long range nature and thus did not have a significant impact on 1962 operations. Due to increased capital gains from sales of properties, consolidated earnings were the highest in the history of the Corporation. Earnings from operations in 1962, based on the number of shares outstanding after giving effect to the reduction of 300,000 shares subsequent to the year-end, were slightly higher than in 1961. Based on the shares outstanding at the end of 1962, operating earnings were lower than in 1961, because of the continued increase in operating expenses. New projects, on which |