the Pacific. A number of improvements, including additional guest
houses and air-conditioning, are contemplated for the near future.
The Continental Hilton has been completely reconstructed and redecorated in those areas damaged by the earthquake in 1957. The third
wing of the hotel is also finished and open to guests.
During 1959 construction began on Hilton Hotels in Athens, Greece;
Port-of-Spain, Trinidad; and Amsterdam, The Netherlands. The hotel
in Rotterdam, The Netherlands, was started early in 1960. Scheduled
completions of the hotels are: Trinidad, early 1961; Amsterdam, mid-
1961; Rotterdam, winter 1961-62, and Athens, late 1962. Contracts
have been signed for additional hotels in Tokyo, Japan; Rome, Italy;
Colombo, Ceylon; Teheran, Iran, and Bogota, Colombia. The signing of the contract for the $4 million 300-room Bogota Hilton marks
our first definite expansion into South America.
A 140-room addition to The Istanbul Hilton is currently under construction, which will bring the number of guest rooms to 417. This
hotel has been very successful since its opening in June, 1955.
The tenth anniversary of The Caribe Hilton in San Juan, Puerto
Rico, was celebrated in December, 1959. This was also the tenth anniversary of the operations of Hilton Hotels International. The opening
of The Caribe Hilton in December, 1949, is credited with spurring
tourism and industrial development which has added much to the
island's income. Creation of a new Trader Vic's restaurant is under
way at The Caribe Hilton.
The consolidated units and subsidiaries of Hilton Hotels International had a 1959 net profit of $774,206. In addition, $144,606 in
profit was received from The Istanbul Hilton, a non-consolidated unit.
The sum of these two amounts, $918,812, was equal to 9.1% of the
consolidated net profit from operations of Hilton Hotels Corporation.
The combined net loss of the non-consolidated International units
and subsidiaries was $696,424 in 1959, as compared with $571,693,
the preceding year. These losses are not reflected in the financial
schedules shown elsewhere in this report.
Hoteles Hilton de Cuba, S. A., the Cuban subsidiary which operates
The Habana Hilton, in 1959 obtained a loan from a Cuban bank to
cover its operating loss. This loan, which is an obligation of that corporation only, is guaranteed by the Cuban government. Negotiations
are pending looking toward a similar agreement for 1960.
Our 34 per cent owned affiliate, Hilton Credit Corporation, has rrr
satisfactory progress since commencing business in April, 1959. Hil
Hotels invested $1 million in promotional and development exgens^S in
this company in accordance with the agreement entered into at the
time it formed Hilton Credit Corporation.
The trade name "Carte Blanche" now symbolizes the prestige credit
card, signifying to thousands of associated business establishments that
the cardholder is a person of credit responsibility.