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Hilton Hotels, 1951 Annual Report
Image 23
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Hilton Hotels Corporation. Hilton Hotels, 1951 Annual Report - Image 23. 1951. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 20, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1494/show/1489.

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. (1951). Hilton Hotels, 1951 Annual Report - Image 23. 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/1494/show/1489

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, 1951 Annual Report - Image 23, 1951, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 20, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1494/show/1489.

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, 1951 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1951
Description Hilton Hotels Annual Report for calendar year 1951.
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 23
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_004_023.jpg
Transcript HILTON HOTELS CORPORATION AND SUBSIDIARIES NOTES TO (1) BASIS OF CONSOLIDATION The Corporation has adopted the policy of consolidating all majority-owned subsidiaries whereas in previous years only wholly-owned subsidiaries were consolidated. Accordingly, there are now included in the consolidation the wholly-owned Hilton Hotels International, Inc. and the majority-owned Mayflower Hotel Corporation and Hotel Waldorf-Astoria Corporation in which Hilton Hotels Corporation had respective interests of 70.30% and 83.88% at December 31, 1951. On June 30, 1951 the wholly-owned subsidiary State-Monroe Equipment Corporation, which was a non-operating unit and which held title to the furnishings and equipment of the Palmer House, Chicago was liquidated and its assets were acquired by the Palmer House, an operating unit of Hilton Hotels Corporation. The Jefferson Hotel Company which was carried as an investment in the preceding year's financial statements was liquidated on April 30, 1951 and the Jefferson Hotel is now carried as an operating unit of Hilton Hotels Corporation. (2) FIXED ASSETS The properties included under fixed assets are the same as in the preceding year except as mentioned in Note 1 and except for the acquisition of a lease, at no cost, on Arrowhead Springs Hotel, an operating unit of the Corporation since May 1, 1951, which lease is for a nine year and ten-month period ending February 28, 1961. Additions to furniture and equipment and leasehold improvements respecting this property are carried at cost. The securities of two of the majority-owned consolidated subsidiaries were acquired at $1,967,121.12 more than the book values of the equities thus acquired. The difference has been treated in these statements as additional cost of fixed assets and allocated on a pro-rata basis; $259,626.78 to land; $465,319.95 to buildings; $124,267.11 to furniture and equipment and $1,117,907.28 to leasehold. Depreciation and amortization of the depreciable assets is accordingly stated herein at $308,319.54 more than is shown by the subsidiaries of which $71,437.87 is charged against consolidated income this year. The investment in Jefferson Hotel Company, liquidated on April 30, 1951, was acquired at $585,468.38 more than the book value of the equity thus acquired. Upon liquidation of the company the difference was treated as additional cost of fixed assets of the operating unit, Jefferson Hotel, and allocated on a pro-rata basis; $150,931.93 to land; $378,115.29 to building and $56,421.16 to furniture and equipment. Other fixed asset values and depreciation reserves have been carried over from the predecessor companies, plus additions at cost. Reference is made to Note 3. (3) FEDERAL TAXES ON INCOME Provision has been made for all Federal income taxes based on separate returns of the companies. The Federal income tax returns of Hilton Hotels Corporation have been examined through the year 1948 and assessment of additional taxes of $82,912.44 for the period June 1, 1946 to December 31, 1948 has been proposed by the Bureau of Internal Revenue to which the corporation has agreed. The returns of Hotel Waldorf-Astoria Corporation have been examined through December 31, 1949. The Bureau of Internal Revenue has examined Federal income and excess profits tax returns of Mayflower Hotel Corporation for 1950 and on the basis of such examination has issued a letter of proposed assessment in the amount of $32,974.06 which the company is protesting. Mayflower Hotel Corporation at December 31, 1951 carried land on the books at $1,348,530.98 as compared with a valuation of $1,640,065.86 for income tax purposes. The undepreciated book value of the building was carried on the books in the amount of $1,769,860.03 as compared with an undepreciated valuation of $2,825,350.96 for income tax purposes. Accordingly, annual depreciation for income tax purposes is approximately $52,000.00 greater than book depreciation. Depreciation claimed for income tax purposes in 1951 for Hilton Hotels Corporation is approximately $128,000.00 less than book depreciation due to, variations in the bases and estimated remaining lives of depreciable property, and, adjustments made in prior years tax settlements not reflected on the books. (4) CONVERTIBLE PREFERENCE STOCK The Parent has purchased for the Treasury 187,041-97/100 shares of its own convertible preference stock at a total cost of $7,129,862.87, the discount thereon being credited to capital surplus. Of the total shares so purchased 40,276-97/100 shares have been permanently retired. The corporation had options to purchase 36,376 shares of its convertible preference stock for $40.00 per share at December 31, 1951 under a certain offer to stockholders which expired on August 15, 1949. At December 31, 1951 the corporation had provided a reserve for dividends on convertible preference stock under option in the amount of $210,278.00 which would be required to be paid were the corporation not to exercise its option under the terms of the offer. As of January 31, 1952, the corporation exercised its option and purchased 18,188 shares of this stock in accordance with the terms of the offer and accordingly the dividend reserve was reduced by $105,139.00 as of January 31, 1952. Under the terms of the offer, the corporation may purchase the remaining 18,188 shares under option on or before January 31, 1953. 3