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Hilton Hotels, 1948 Annual Report
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Hilton Hotels Corporation. Hilton Hotels, 1948 Annual Report - Image 10. 1948. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 17, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1218.

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 10. 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/1218

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 10, 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 17, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1243/show/1218.

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 10
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_001_010.jpg
Transcript Convertible Preference Stock Shares Outstanding .... Common Stock- Shares Outstanding .... Book value per share common stock after de- ducting par value of Convertible Preference Stock . . . 134,463.00 197,401.35 1,583,545.00 1,618,578.00 $13.77 $11.84 Since December 31, 1948 funded and long term indebtedness has been reduced $975,000, due to the sale of the Palm Beach Biltmore. Net working capital on December 31, 1948 was $2,554,182.02. Current assets totaled $10,- 061,911.97 at the end of 1948, of which $6,947,- 065.72 was in cash or equivalent. Current liabilities amounted to $7,507,729.95. The ratio of total current assets to current liabilities was 1.34 to 1. ACQUISITIONS AND SALES On July 30, 1948, Hilton Hotels Corporation disposed of its securities in both the Neil House Company and the Palm Beach Biltmore Company and acquired full title to the Palm Beach Biltmore Hotel. On December 31, 1948, accordingly, the Neil House was no longer a part of the Hilton group while the Palm Beach Biltmore was a wholly-owned property of the corporation. On January 10, 1949 your corporation entered into a contract to sell the Palm Beach Biltmore Hotel for a total consideration of $1,655,000. This sale resulted in a loss of $292,979. In last year's annual report we said: "Properties will be disposed of when long-term earnings prospects are unsatisfactory." Both the Neil House and the Palm Beach Biltmore were sold because of unsatisfactory earnings prospects and unsuit- ability for other reasons. No further acquisitions were made during the year although Hilton Hotels International, Inc., was organized as a wholly-owned subsidiary with an initial capital of $500,000 to take over the investment and management contracts for the operation of properties outside of the continental limits of the United States. In part payment of its stock of the subsidiary, your corporation in July assigned to Hilton Hotels International, Inc. its interest in the Bermuda Development Company, Limited, as well as its management contract for the Bermuda hotels and the lease of the Caribe-Hilton Hotel now under construction at San Juan, Puerto Rico. ROOM OCCUPANCY There is a large measure of diversification among Hilton properties, which include luxury and commercial hotels, small and large, with the greatest number of rooms, however, concentrated in New York and Chicago. During the past year occupancies have levelled off in all properties. Much of the decrease in occupancies in our large properties is due to vacant rooms on weekends. The average decrease, however, has been slightlv more than 6%. Percentage of occupancy and average daily room rates for the past three years of wholly- owned and leased hotels are shown in the following table. ERCENTAGE OF OCCUPANCY AVERAGE DAILY ROOM RATE STEVENS 83.3% 91.7% 94.6% PALMER HOUSE 85.7% 91.5% 92.0% PLAZA 85.5% 89.6% 92.3% DAYTON BILTMORE 84.0% 85.8% 89.8% EL PASO HILTON 91.9% 94.2% 95.7% TOWN HOUSE 92.9% 94.5% 96.9% LUBBOCK HILTON 93.9% 93.2% 94.9% ALBUQUERQUE HILTON 94.0% 94.5% 94.9% $7.06 $5.98 $5.01 $8.57 $7.52 $6.59 $9.47 $8.38 $7.04 $5.08 $4.29 $3.63 $4.91 $4.48 $3.78 $8.38 $7.87 $6.44 $4.39 $3.89 $3.15 $5.41 $4.87 $4.24