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Sheraton Corporation of America, 1965 Annual Report
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1965 Annual Report - Image 8. 1965. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 24, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1466/show/1453.

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 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/1466/show/1453

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 8, 1965, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 24, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1466/show/1453.

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 8
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_025_008.jpg
Transcript 6 Ratio of long term eSk\~>t to total m assets at estimated vaifiN less current liabilities In thousands of dollars April 30 Total Assets At Estimated Value (a) Less Current Liabilities Net Long Term Debt Including Income Debentures Ratio — Including Income Debentures Ratio — Excluding Income Debentures (b) 1965 $343,031 $48,790 $294,241 $168,444 57.2% 43.4% 1964 328,934 40,743 288,191 165,138 57.3 42.8 1963 346,554 43,247 303,307 182,618 60.3 45.9 1962 393,984 40,825 353,159 180,941 51.2 38.7 1961 400,445 35,565 364,880 178,830 49.0 38.9 1960 390,620 36,853 353,767 176,321 49.8 39.2 1959 346,910 28,641 318,269 159,615 50.2 40.7 1958 304,007 24,345 279,662 137,410 49.1 45.8 1957 304,645 26,028 278,617 140,524 50.4 47.3 1956 243,697 20,865 222,832 99,584 44.7 43.9 1955 193,033 16,746 176,287 68,267 38.7 38.7 1954 132,520 12,199 120,321 36,394 30.3 30.3 1953 129,475 10,899 118,576 43,085 36.3 36.3 1952 113,524 11,375 102,149 35,266 34.5 34.5 1951 101,861 9,260 92,601 32,483 35.1 35.1 1950 87,874 12,396 75,478 30,171 40.0 40.0 1949 60,279 6,803 53,476 22,776 42.6 42.6 1948 55,710 7,760 47,950 20,202 42.1 42.1 1947 49,860 5,767 44,093 18,426 41.8 41.8 (a) Estimated by Company Officers. Although estimated asset values represent the best judgment of the Officers, lliese values nonetheless are only theoretical. The estimated asset values should not be given undue weiglil since their determination cannot be an exact science and may be subject to wide fluctuations due to various market conditions and other factors. (b) Ratios in this column are determined on long term debt excluding 6V2% Income Debentures and 7Vz% Capital Income Debentures. tiplier used was 8.4 for both this year and last year. It is interesting to note that in most instances this method of valuation will produce in practice very nearly the same results as would be attained by estimating the value of the equity in a hotel property above its mortgage indebtedness, and adding this to the amount of the mortgage. The equity value is arrived at by capitalizing "basic earnings" less mortgage interest and "normalized" depreciation, to yield 9%. For normalized depreciation we use, as in figuring "adjusted earnings," 6% of hotel sales. This seems a generally satisfactory measure of normal depreciation needs. It should be emphasized that the terms "adjusted earnings" and "estimated net asset values" are theoretical estimates. While these represent the best judgment of the Officers, they should not be given undue weight since determination of the amounts involved cannot be an exact science and may be subject to wide fluctuation due to various factors. We would like to offer our deepest sympathy to the widow of our late Director, Mr. Ralph Schneider, former Chairman of the Board of The Diners' Club, Inc. We also announce with regret the retirement from Sheraton's Board of Directors of Mr. Melvin Baker, who also retired as Chairman of the Board of National Gypsum Company. Both of these men were of great value to Sheraton's management. We believe the nearly 20,000 people who own Sheraton stock join us in thanking the 26,000 people who work for Sheraton for their efforts to make Sheraton synonymous with the "greatest value in the hotel industry." You, the stockholders, can help your Company grow by using and referring your friends to Sheraton Hotels and Motor Inns. U^j_^j3^«_^. President gJL£l^w-»*-< Chairman of the Board