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Sheraton Corporation of America, 1965 Annual Report
Image 7
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1965 Annual Report - Image 7. 1965. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 13, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1466/show/1452.

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. (1965). Sheraton Corporation of America, 1965 Annual Report - Image 7. 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/1466/show/1452

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, 1965 Annual Report - Image 7, 1965, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 13, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1466/show/1452.

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, 1965 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1965
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1965.
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 7
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_025_007.jpg
Transcript • • 5 Source and application of funds In thousands of dollars Source of Funds Application of Funds From Operations Expenditure for Property, Plant and Equipment . . . $24,769 Net Operating Income $ 152 Reductions in Long Term Debt 10,339 1 Depreciation . 19,446 Increases in Investments 19,598 Cash Dividends .... 142 Total from Operations 2,390 Proceeds from Sale of Properties Increase in Other Assets 803 and Other Capital Transactions Federal Income Taxes and Interest Thereon Applicable Proceeds of Long Term Borrowing 20,913 to Prior Years Reduced by Related Adjustments of 1 ' ■ Payments Received on Mortgages Receivable . . . 2,376 Income Other Than Depreciation 620 ^^ increase in Equity of Minority Interests Proceeds from Exercise of Warrants • . 8 444 Increase in Working Capital 4,944 ^_ $44,015 $44,015 — tions can be attributed to our reputation as earnings." This concept substitutes for de successful hotel operators and also to the preciation recorded on the books, an arbi fact that we have developed trained man trary substitute equal to 6% of hotel gross agers and supervisors in addition to having sales. Management feels, as in previous an effectively advertised name and an out years, that 6% is adequate in measuring its standing reservation referral system. operating results. We find "adjusted earn Equally important is the further spread ings" a useful guide in determining divi ing of the Sheraton name and image by dend policy. means of the Company's "franchise" pro This year's "adjusted earnings" in gram. Under this plan, Sheraton provides creased to $1.11 per share as compared to its name and reservation system together $.88 last year and $.78 the previous year. An 3d with periodic inspection and consultation upward trend in "adjusted earnings" has e services to motor inns which are not likely now been recorded for the second successive it e) to be in competition with present or poten year. Further progress, as reflected by favor tial Sheraton-owned properties. As we go to able first quarter operations, indicates the press, there are 31 franchised properties in possibility of continuing improvement for operation and 17 more to be built or pres the current 1966 fiscal year. ently under construction. Your management believes that its Thompson Industries, Inc., our 87%- policy of taking advantage of permissible in owned subsidiary serving the automobile in come tax savings is an important factor in __ dustry, had another banner year. Included its "growth rate." In the long run, we ^_ ■ in Thompson's expanding manufacturing believe the trend and magnitude of the activities is the production of metal growth rate, rather than the amount of moldings, heavy metal stampings, electrical dividends paid or the amount of the report wiring harnesses, and welding guns. This ed earnings will be the principal factor by past year, this company entered into the which Sheraton will ultimately be judged plastics field with the purchase of United by security analysts. Plastic Industries, Inc., makers of plastic When hotels are bought or sold they accessories for automobiles. Based on exist are customarily valued on earnings rather ing contracts and automotive production than on historical or reproduction costs. schedules, Thompson is expected to have This year's Officers' estimate of net asset another excellent year. value, computed as in previous years, was Management believes that it is impor $21.63 per share as compared to $21.06 last tant to the better appraisal of Sheraton's year. These figures are obtained by multi operations to reemphasize that excessive plying the hotel basic earnings (earnings depreciation charges can distort reported before interest, depreciation and income earnings. A more meaningful method of taxes) by a multiplier of 8i4, plus or minus measuring the progress of the Company is certain corrective factors to compensate for through the use of what we call "adjusted age, location, trends, etc. The average mul-