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Hilton Hotels, 1948 Annual Report
Image 8
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Hilton Hotels Corporation. Hilton Hotels, 1948 Annual Report - Image 8. 1948. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 19, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1216.

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. (1948). Hilton Hotels, 1948 Annual Report - Image 8. 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/1243/show/1216

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, 1948 Annual Report - Image 8, 1948, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 19, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1216.

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, 1948 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1948
Description Hilton Hotels Annual Report for calendar year 1948.
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 8
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_001_008.jpg
Transcript Hotel operations only for the three years 1948, 1947 and 1946 are shown on the chart following: MAYFLOWER HOTEL CORPORATION Your corporation purchased 3,052 additional shares of common capital stock of Mayflower Hotel Corporation, Washington, D. C, during the past year, and on December 31,1948, owned 270,992 shares, or 69.53% of the total stock outstanding. A dividend of $81,297.60 was received from the Mayflower Hotel Corporation amounting to 5 cents per share on the common stock of your corporation. A suit was filed in the Federal District Court of Washington, D. C, against your corporation, certain of its officers, directors and others, by minority stockholders of the Mayflower seeking to set the stock purchase and the management contract aside. This court has ruled twice that the complaint as filed and as amended did not state a cause of action and dismissed it. On appeal, the Circuit Court of Appeals ruled on January 10, 1949 that the dismissal should be reversed and the case tried on its merits by the District court. A petition for rehearing has been filed but had not yet been acted upon when this report went to press. HILTON HOTELS INTERNATIONAL, INC. Hilton Hotels International, Inc., wholly- owned subsidiary, has had no income since its organization in April 1948. Its operating expenses were $26,563.16, most of which was expended in the exploration of the many projects which have been offered the company, in the management of the Bermuda properties, and in the further development of plans for the operation of the Caribe-Hilton in San Juan, Puerto Rico. The personnel of the company have investigated many projects, none of which have yet matured. The Caribe-Hilton, now being built by the Puerto Rico Industrial Development Company in San Juan, Puerto Rico, to be operated under lease, is progressing satisfactorily and should be ready for occupancy in the latter part of 1949. OPERATING CONTRACTS The corporation's contract to supervise management of the Mayflower Hotel, Washington, D. C, is still in effect. The corporation also has contracts to supervise management of the Roosevelt Hotel, New York, New York, and the Palacio Hilton, Chihuahua, Mexico. Contract to supervise the management of the Bermuda properties was transferred to Hilton Hotels International in July, as noted elsewhere. DIVIDEND PAYMENTS Regular quarterly dividends of 50 cents a share were paid on the convertible preference stock in 1948. These payments were made on March 1st, June 1st, September 1st and December 1st. Common dividend payments of 25 cents per share were also made at quarterly intervals on the same dates. The total dividend distribution of $1,888,153 represented 48% of the net profit during the year. This compared with a distribution in 1947 of $2,039,198, representing 37% of the net profit for that year. During 1948 $2,029,652, or 52% of the net profit, was reinvested in the business, the equivalent of $1.28 per share. SECURED DEBT Our total secured debt is now represented by the following mortgages: Palmer House $15,680,000.00 Plaza Town House Hilton Hotel, El Paso TOTAL 5,927,365.03 350,000.00 121,500.00 $22,078,865.03* W interest 4% 4%% " Total 1948 interest charges were $810,703. Total principal payments were $514,362.61. During the past year your corporation received a total of $1,135,601 from store and lobby rentals, of which amount the Palmer House produced $979,431. Significantly, this amount is sufficient to service the interest and principal requirements of the Palmer House mortgage. °The complete ownership of the Palm Beach Biltmore Hotel was acquired subject to mortgage indebtedness of $975,000. Since this property was sold early in 1949 (see Acquisitions and Sales), the total secured debt excludes the mortgage indebtedness of the Palm Beach Biltmore Hotel. 6