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| Title | Sheraton Corporation of America, 1957 Annual Report |
| Creator (LCNAF) |
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| Publisher | Starwood Hotels & Resorts |
| Date | 1957 |
| Description | Sheraton Corporation of America Annual Report for the year ending on April 30, 1957. |
| Subject.Topical (LCSH) |
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| Subject.Name (LCNAF) |
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| Genre (AAT) |
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| Language | English |
| Type (DCMI) |
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| 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 |
| Title | Image 8 |
| Format (IMT) |
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| File Name | hiltonar_201609_021_008.jpg |
| Transcript | SHERATON'S "ECONOMIC PERFORMANCE" PER COMMON SHARE4 Years Ended April 30 "Economic Price-Performanc Performance" Ratio (Shows Estimated Increase in Cash i.e.. Asset Value ratio of Market Net Asset Estimated Dividends Increase Plus Price of Shares Quoted Value Net Asset Value Paid Dividends Paid to "Economic Market (per Company During During (Includes Performance" Price Officers) Year Year Esti mated Appreciation) (Note 1) 1941 .13 .37 — — — — 1942 .14 .37 — .01 .01 14.0 1943 .25 .49 .12 .01 .13 1.9 1944 .53 1.00 .51 .04 .55 1.0 1945 1.44 2.70 1.70 .05 1.75 .8 1946 4.25 2.99 .29 .06 .35 12.1 1947 2.29 4.52 1.53 .11 1.64 1.4 1948 1.92 4.89 .37 .13 .50 3.8 1949 1.76 5.33 .44 .13 .57 3.1 1950 2.57 8.05 2.72 .13 2.85 .9 1951 3.29 11.42 3.37 .19 3.56 .9 1952 3.97 12.73 1.31 .19 1.50 2.6 1953 4.76 14.94 2.21 .20 2.41 2.0 1954 5.84 17.17 2.23 .22 2.45 2.4 1955 12.63 20.21 * 3.04 .29 3.33 3.8 1956 11.23 23.64* 3.43 .44 3.87 2.9 1957 12.63 26.93* 3.29 .52 3.81 3.3 Adjusted for stock dividends and stock split-ups, and Estimated Net Asset Values at April 30, 1955 to 7957 allow for Exercise of Warrants and First Conversion Privilege of 4%% Debentures. ote 1. — Should not be confused with the more familiar price earnings ratio which excludes any unrealized appreciation. Remodeling of the Sheraton-McAlpin and Sheraton-Astor Hotels continues as part of a program to restore these hotels to positions of leadership in New York City. Sales and occupancy at the Sheraton-McAlpin are currently rising sharply. Sales are running some 30% ahead of a year ago, — an upward trend that is likely to continue in the coming years as the strikingly improved condition of the hotel becomes better known to the travelling public. Most of the modernization at the Hunting- ton-Sheraton in Pasadena and the Sheraton-Park in Washington has been completed, and as a result both properties, following a considerable period of "red ink", have reported satisfactory earnings during the past year. FACTORS AFFECTING REPORTED EARNINGS Although reported earnings from operations advanced only moderately, the extent of the rise was affected by several factors. Heavy rehabilitation expenses, especially in connection with the Eppley Hotels and two of the New York City hotels, losses from the two motels during the "off season" months which immediately followed their acquisition, and heavy charge-offs in connection with the new Philadelphia Sheraton reduced reported earnings. Likewise the increased depreciation reserves, made possible in part by changes in the tax laws, accounted for translating only a portion of the increase in "free and clear" earnings mentioned above into reported earnings. Many of the expenses in Philadelphia, of course, are nonrecurring and the seasonal motel losses are being more than offset by the summer profits now being realized. The greater deductions from earnings for depreciation are a part of the cash flow and, not being subject to income tax, are of course desirable. An upward trend of earnings in the hotels undergoing modernization is beginning to offset the losses to which these properties were subject during the past year. DEPRECIATION RESERVES Unlike many manufacturing companies which often have relatively little real estate in relation to sales volume, Sheraton has a very |