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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 4. 1967. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 23, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1329.

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 4. 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/1329

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 4, 1967, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 23, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1346/show/1329.

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 4
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_026_004.jpg
Transcript ERNEST HENDERSON Chairman of the Board ERNEST HENDERSON III President Letter to Stockholders It is with considerable pleasure that we announce the highest operating earnings in the Company's 30-year history. Sheraton earned 91 cents per share from operations which is double last year's earnings of 45 cents and thus continues our recent favorable trend of earnings. The progress has been to a large extent the result of management's success in developing techniques to control operating expenses. As the chart on Page 6 shows, profit margins had dropped to 16% from a level that had reached 21%. We have already recovered half of those five percentage points, and we are presently developing new techniques to regain, and possibly exceed, the profit margins formerly enjoyed. Reflecting this progress, the Board of Directors in May of this year increased the regular quarterly dividend to $.12V4 a share from the $.10 quarterly dividend previously paid on common stock. Gross Sales have increased in each of the 30 years since the first Sheraton hotel was acquired. This growth has come principally from the reinvestment of large sums represented by depreciation reserves set up to offset shrinkages in property values which in many instances did not materialize. For Sheraton's future growth, we will look towards increasing our profit margins, increasing the sales of our existing properties, and acquiring new properties. As we come closer to achieving the desired profit margins, we will be concentrating greater efforts on expansion by acquisition. During this past year, we opened the 415-room Sheraton-Foxhead Inn in Canada, overlooking Niagara Falls. It was such an immediate success that nearby we are currently building our third property . . . the 208-room Sheraton-Brock Guest House, which should be open by the time you receive this report. We purchased during the year the 720-room Sheraton- Schroeder in Milwaukee and the Sheraton Motor Inn in Quincy, Mass., both of which had been previously operated under management agreements. We built an addition to the Sheraton-Baltimore Inn, and we have acquired in the same city a newly constructed 300-room apartment building now called the Sheraton-Chase Apartments. The growth of international tourism is one of the most exciting areas of opportunity today. The arrival of the jumbo jets in another two years will inevitably accelerate the rate of travel beyond the expectations of most people. In addition to 125 Sheraton hotels and motor inns on the United States mainland, now benefiting materially from the influx of tourists from abroad, there are 14 Sheraton hotels in Canada, 5 in Hawaii, 3 in the Caribbean, as well as 1 each in Israel, Venezuela, Kuwait, and the recently opened Sheraton-duCap in Corsica. This year, we will open hotels in Malta, Manila, and Aruba. We have also opened a second hotel in Venezuela, the Sheraton-Hum- boldt, built atop 7,000-foot Mt. Avila, overlooking Caracas. There are now Sheraton hotels under construction in Bangkok, Beirut, and Cairo. Recently agreements have been signed to build in Istanbul and in Dakar, as well as to assume the operations of two hotels on Grand Bahama Island. Management continues to devote a large part of its time to developing agreements to operate hotels in the major tourist and business centers of the world. In Hawaii, we are constructing a Company-owned hotel at Poipu Beach, on the island of Kauai, with the opening set for February, 1968. Two hundred more rooms are planned as an addition to the Sheraton-Maui with the completion set for July, 1969. A new 1,200-room hotel is now underway on quite valuable land which we own at Waikiki Beach. This fall, a new $34 million hotel and apartment complex, The Sheraton Four Ambassadors, will open in Miami under Sheraton management. Another new Sheraton hotel will open this fall in Jacksonville, Florida. We are now completing a major program for the restoration to its former elegance of the St. Regis-Sheraton Hotel in New York City. It should become the City's leading international luxury hotel. We are pleased to report excellent public acceptance of the St. Regis-Sheraton as reflected by rising occupancy levels. During this past year, we sold the former Sheraton Motor Inn in Philadelphia and have entered into a contract to sell within the next few months the Sherwyn in Pittsburgh. Both of these buildings will be converted into college dormitories. Major renovations are almost complete at the Sheraton-Dayton and are underway at the Sheraton-Peabody in Memphis and the Sheraton-Schroeder In Milwaukee. New lobbies will soon be completed at the Sheraton-Jefferson in St. Louis, the Sheraton-Carlton in Washington, and the Sheraton-Belvedere in Baltimore. Eight floors totaling 400 of the 1,300 rooms at the Sheraton-Atlantic in New York are being converted into ultra-modern display rooms to accommodate the rising demand for trade shows. The gradual conversion of our 1,000- room Claiborne Apartments in New Orleans into a popular hotel, renamed the Sheraton-Delta, is progressing satisfactorily. Both the Sheraton-Mt. Royal and the Laurentien, in Montreal, have newly redecorated lobbies and the rooms have been extensively renovated for EXPO '67. Hotel business in Montreal is now running at capacity levels — an important benefit to Sheraton which is the largest owner and operator of hotels in Montreal. Our Franchise Division has had another successful year. There are now 74 fran- chised Sheraton motor inns in operation and contracts have been signed for another 26, notwithstanding the tight money situation. Fees from hotels and motor inns operated under both Sheraton franchise agreements and management contracts have not, in the past, been substantial; however, they are beginning to be a factor. The sales volume attributable to such properties is not included in Sheraton's reported gross Income. Fees from such sources may become more important in the Company's future growth rate. Our two office buildings, the Sheraton Whitehall Building in New York City, with 600,000 square feet, and the Sheraton Building in Boston, with 300,000 square feet, are both enjoying 99% occupancies. Thompson Industries, our 95%-owned subsidiary manufacturing automotive parts, showed a new high in earnings