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Sheraton Corporation of America, 1957 Annual Report
Image 7
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1957 Annual Report - Image 7. 1957. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 15, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/1659/show/1637.

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. (1957). Sheraton Corporation of America, 1957 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/1659/show/1637

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, 1957 Annual Report - Image 7, 1957, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 15, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/1659/show/1637.

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, 1957 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1957
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1957.
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_021_007.jpg
Transcript The colorful night shot on the cover is the new Philadelphia Sheraton, first hotel built by the Corporation. Il was opened in March with nationwide publicity. smallest of these, the 200-room Beaconsfield in Brookline, Massachusetts was sold. Of the remaining thirty hotels, twenty-one showed an increase in earnings before interest charges and depreciation reserves. Such earnings, often referred to as "free and clear" earnings, are a very good measure of the operations of a hotel. The net increase in the "free and clear" earnings of the thirty hotels held throughout the year amounted to $2,397,000. By "capitalizing" these increased earnings, we estimate that approximately $12,575,000 was added to the market value of these hotels, indicating that the past year was one of substantial progress. SALES AND ACQUISITIONS The sale of the Beaconsfield Hotel had some interesting aspects. This hotel was purchased in 1942 for $330,000. Less than 1 % was paid in cash and the balance was represented by a purchase money mortgage on the property. The hotel was sold for $1,340,000 of which $300,000 was received in cash. An additional $240,000 had previously been realized through the sale of the garage and a part of the land. As of June 1, 1956, twenty-two hotels of the Eppley chain of mid-western hotels were pur chased. Twelve were later resold, leaving the larger ones, including the impressive Penn- Sheraton (former William Penn) of Pittsburgh, for inclusion in the Sheraton system. As of January 1st the Henry Watterson Hotel of Louisville, Kentucky was taken over on lease with an option to purchase. We consider it a desirable adjunct to the Sheraton-Seelbach Hotel, the Company's major hotel in Louisville. On November 15th the Company purchased two large motels near Syracuse, giving Sheraton its first participation in this lucrative field. They are now known as the Sheraton-Syracuse Inn and the Sheraton-DeWitt Motel. Early in March, the new 900-room Philadelphia Sheraton was opened. Its public acceptance has exceeded the Company's best expectations. NEW CONSTRUCTION The indicated success of the new Sheraton Hotel of Philadelphia has given impetus to your Company's plans for the construction of other new hotels in carefully selected localities. Financing has been arranged and drawings are now in preparation for the construction of a 200-room hotel in Binghamton, New York. Actual construction should start this fall. Plans for a larger new hotel in Portland, Oregon are also nearing completion and it is expected that construction should start before the end of the year. Construction is already well underway on the new Dallas, Texas Sheraton. The steel frame of this 28-story hotel is nearing completion. In keeping with the traditions of the great State of Texas, this new Sheraton should represent a milestone in the construction of outstanding luxury hotels, The opening is scheduled for early 1959. MODERNIZATION PROGRAM Realizing that complete air conditioning has become a virtual necessity in leading hotels, as well as being a good financial investment, Sheraton has installed during the past twelve months central air conditioning in some 2800 of its rooms at a cost of close to $1,500,000. An additional 4000 rooms are scheduled for similar attention during the next twelve months. Upon completion of this program approximately 85 % of the Company's 23,300 rooms and most of its public dining rooms and banquet rooms will be air conditioned.