one hotel, valued at $350,000.
Three new hotels . . . and the Sheraton name is
acquired. The Sheraton Hotel in Boston urns one of
three bought, and it had a large, expensive electric
sign on the roof. The other two had easily replaceable signs — thus the Sheraton name was chosen.
Boston*s famed Copley-Plaza (now Sheraton-Plaza)
Merger with United States Realty 6? Improvement
Corporation, with many desirable properties, including the Whitehall Building in New Tork. This
merger brought about a • listing on the New Tork
New Tork*s Park-Central becomes
Sheraton, the corporation's largest hotel.
The brief paragraphs below tell at a glance an impressive story of growth. What they do not tell is the
story of growth in stability.
As Sheraton Hotels are modernized, their market
value increases, as do their earnings. A dollar spent in
such improvements as air conditioning, modernization,
etc. often returns $2 in increased fair market value.
And with this growth in stability, both the financial
community and the travelling public make a new
appraisal of Sheraton's operations.
A new respect for hotels as a sound investment had
to come, as the hotel industry began to catch up with
other industries in the matter of modern management
and finance ... a trend in which Sheraton has been
With the population spurting upward, and business
relentlessly opening up new and broader fields of
enterprise, the future of large hotel operations looms
bright. On the next page, you'll see what the immediate expansion plans call for. Note that two of the
three properties are highway inns. There is room for
both hotels and motels in the future, and Sheraton
will have both.
Cardy and Ford hotel chains in Canada become
The famous Carlton, located two blocks north of the
White House in Washington, becomes the Sheraton-
Sheraton Hotels now extend from coast to coast, as
the legendary Palace, the center of San Francisco's
social life, becomes the Sheraton-Palace. Chicago's
leading hotel, the Sheraton-Blackstone, is acquired.
One of the country's smartest luxury hotels, the
Sheraton-Town House in downtown Los Angeles,
is added, strengthening Sheraton's position on the
Sheraton acquires its first motels. The King George
and De Witt Ranch in Syracuse become the Sheraton-
Syracuse Inn and Sheraton-DeWitt Motel.
Nine new directors, all corporation presidents or
board chairmen of their respective companies, are
elected to Sheraton's Board of Directors. The Eppley
Hotels, including the 1350-room William Penn, now
Penn-Sheraton in Pittsburgh, are acquired. Philadelphia Sheraton, first hotel constructed by the
Company, is opened as a part of famous Penn Center
development. Sheraton now has 45 hotels, and assets,
at fair market value, of over $300,000,000.
Printed In U.S.A.