and The Jefferson were reduced by payments called for under terms of the
respective mortgages. Debentures of the
now merged Hotel Waldorf-Astoria Corporation were refinanced by a term loan
of $2,500,000 maturing in seven years.
The portion of the loan in excess of the
outstanding debentures was added to
working capital. The Mayflower notes
were completely retired early in 1953.
In connection with the purchase of the
Hotel New Yorker, the Corporation designated a new series of first preferred
stock entitled 5% First Preferred Stock,
Series A, $100 par value, and issued
61,960 shares of this stock in addition to
50,000 shares of Common Stock. The
new 5% First Preferred Stock, Series A,
is entitled to cumulative dividends of five
FIRST MORTGAGE BONDS AND NOTES
The Palmer House $14,400,000.00
The Conrad Hilton 6,700,000.00
The Plaza 4,968,419.99
The Jefferson 1,967,909.91
Waldorf-Astoria Laundry 289,851.61
Hotel New Yorker
The Town House....
The Waldorf-Astoria 2,317,500.00
The Roosevelt 1,836,558.80
Installment Purchase Contract 2,450,000.00
The Mayflower 300,000.00
Purchase Notes 763,500.00
Hilton Hotels International. . .
$36,478,295.86 $10,256,818.96 $10,633,270.64 $36,101,844.18
per cent per annum, one vote per share,
and in the event of default in dividends
for a stated period, to elect two directors.
A sinking fund for the retirement of this
stock is also provided.
As previously mentioned, the merger of
Hotel Waldorf-Astoria Corporation into
the Corporation resulted in the issuance
of 24,125 shares of Common Stock of this
Also, during the year, the Corporation
repurchased 81,329 shares of its Common
Stock at a cost of $1,465,727, bringing the
total number of such shares outstanding
at the year end to 1,613,640. This compares with 1,620,844 shares outstanding
at the end of 1952. The book value of the
Common Stock on December 31, 1953,
was $25.00 per share, compared with
$22.14 per share a yearH* £.
Total assets of the Corporation at the
close of 1953 were $104,595,839, which
for the first time brings Hilton Hotels
Corporation into that group of companies
with over $100,000,000 in assets.
Improvements to Properties
A basic policy of the Corporation throughout its years of growth has been to bring
each new property up to the high physical standards established for all Hilton
Hotels and to maintain all of its hotels in