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Sheraton Corporation of America, 1967 Annual Report
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1967 Annual Report - Image 3. 1967. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 18, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1328.

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.

Starwood Hotels & Resorts. (1967). Sheraton Corporation of America, 1967 Annual Report - Image 3. 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/1346/show/1328

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.

Starwood Hotels & Resorts, Sheraton Corporation of America, 1967 Annual Report - Image 3, 1967, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 18, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1328.

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 Sheraton Corporation of America, 1967 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1967
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1967.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Starwood Hotels & Resorts
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 3
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_026_003.jpg
Transcript Financial Highlights Years ended April 30 Totals 1967 1966 Per Common Share 1967 1966 VOLUME OF BUSINESS Gross Income $286,676,439 $276,303,145 $51.92 $49.69 EARNINGS Net Operating Income Net Profit on Capital Transactions Total Net Income and Profits 5,077,744 $ 2,544,934 $ .91 $ .45 355,600 $ 3,204,827 $ .06 $ .57 5,433,344 $ 5,749,761 $ .97 $ 1.02 DEPRECIATION & CASH FLOW Depreciation Cash Flow (1) $ 19,558,772 $ 24,636,516 $ 19,661,283 $ 22,206,217 $ 3.54 $ 4.45 $ 3.53 $ 3.98 DIVIDENDS Cash Dividends Preferred Common 57,910 2,572,892 60,480 2,337,497 $ .44 .42 OTHER FINANCIAL INFORMATION Total Assets at Estimated Value (2) Estimated Net Asset Value (3) Economic Performance (4) Modified Earnings (5) Shares Outstanding at Year Ends Preferred Common $392,691,000 $366,184,000 $ 10,753,000 13,835 5,521,080 8,376,000 15,120 5,560,446 $71.31 $65.86 $30.52 $24.93 $ 6.03 $ 3.72 $ 1.94 $ 1.50 OTHER STATISTICS Number of Hotels (6) Number of Rentable Guest Rooms (6) Percentage of Room Occupancy (Non-Resort Hotels) (7) Number of Employees (7) Number of Stockholders Preferred Common 145 43,394 122 41,754 71.8% 26,300 72.4% 27,500 12 19,100 12 19,600 Footnotes (Glossary): (1) Cash Flow: Represents reported earnings from operations to which depreciation reserves have aeen added back. (2) Total Assets at Estimated Value: Represents the indicated market value of all the Company'; assets before deducting liabilities. The real estate values have been estimated by Company officers by capitalizing equity earnings at 9% (after interest and depreciation for purposes of uniformity figured at 6% of hotel sales which is believed to be realistic). (3) Estimated Net Asset Value: Represents the common stock value based upon the above estimated total asset*", after deducting all known liabilities, minority interests, and preferred stock interests. (4) Economic Performance: Represents estimated net asset value increase plus dividends paid. (5) "Modified Earnings": Represents Net Operating Income adjusted by substituting for depreciation recorded on the books a charge equal to 47% of hotel book depreciation so as to take into account only the indicated "net" depreciation needs necessary to maintain property values, using calculated depreciation requirements averaged out over a fifteen year period. Income taxes calculated on the excess depreciation have been deducted in determining the "Modified Earnings" even though these provisions may not eventually be required. The concept of "Modified Earnings" should not be confused with "Adjusted Earnings" reported in previous years and which have not been computed in this report. See discussion in Chairman's letter, page 3. (6) Includes seventy-nine hotel properties In 1967 and fifty-five properties In 1966 under Sheraton franchise or operated under management agreements. (7) Includes ten hotel properties operated under management agreements, but excludes franchised properties. Per share figures are based on common shares outstanding at the year ends. Adjustment for preferred dividends was made in computing net operating income per share. Adjustments have also been made for exercise of Warrants in computing the per share amounts for estimated net asset values.