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Hilton Hotels, 1959 Annual Report
Image 15
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Hilton Hotels Corporation. Hilton Hotels, 1959 Annual Report - Image 15. 1959. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 1, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1186.

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. (1959). Hilton Hotels, 1959 Annual Report - Image 15. 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/1208/show/1186

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, 1959 Annual Report - Image 15, 1959, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 1, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1208/show/1186.

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, 1959 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1959
Description Hilton Hotels Annual Report for calendar year 1959.
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 15
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_012_015.jpg
Transcript ratio was 1.9 to 1. At December 31, 1958, current assets were $52,535,579, including cash of $30,021,144, and current liabilities were $32,720,084, for a current ratio of 1.6 to 1. Unrealized profits from the sale of properties in prior years totaled $13,207,904 at December 31, 1959. After provision for taxes at the current capital gains rate, this equaled $2.61 per share based on the common shares outstanding at the year-end. This profit will be taken into the Corporation's earnings over the next seven years as it is realized. The following is a condensed consolidated statement of source and application of funds for the year ended December 31, 1959: SOURCE OF FUNDS: Net profit $11,582,864 Less: Net profit from property sales 1,533,007 Net profit from operations 10,049,857 Depreciation and amortization 9,117,318 Collections on notes receivable 3,507,502 New financing 39,325,000 Decrease in other net assets 6,755,489 $68,755,166 FUNDS APPLIED TO: Reduction of long-term debt $13,769,241 Capital expenditures 27,215,508 Investments 16,629,228 Purchases of treasury stock 2,425,669 Dividends 5,191,253 Increase in cash 3,524,267 $68,755,166 Modernization Expenditures for modernization in 1959 amounted to $6,084,035, up sharply from the $4,829,073 expended in 1958. Although there were relatively few major capital programs, Hilton properties are always in the process of being improved to insure their profit-generating ability in future years. Automatic dial telephone systems were completed at The Palmer House and The Conrad Hilton. Guests are now able to dial all local and many suburban calls without going through the hotels' switchboards, while direct connections with the toll centers insure faster service on long distance calls. In addition, at The Conrad Hilton guests can now dial from room to room. During the past few months the lobby area of The Savoy Hilton has been transformed into a gracious entrance foyer. The superb dining and dancing room, The Columns, suggests a Mediterranean garden terrace. The Savoy Room and Bar combines contemporary and renaissance decor. The Savoy Hilton now has three most attractive dining rooms—Trader Vic's, The Columns, and the Savoy Room and Bar. In the course of its renovation, The Savoy Hilton has retained its grandeur while being enhanced by new beauty. Other major modernization included the complete air-conditioning of The Statler Hilton, Boston, at a cost of $2 million. Plans have been completed for the installation of a Trader Vic's restaurant in The Statler Hilton, Washington, with work scheduled to begin this spring. A $3 million modernization plan for The Waldorf-Astoria was started in 1959, providing for the redecoration and refurnishing of many guest rooms and the creation of new restaurants. A considerably larger 13