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Sheraton Corporation of America, 1952 Annual Report
Image 6
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1952 Annual Report - Image 6. 1952. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 17, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/174/show/159.

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. (1952). Sheraton Corporation of America, 1952 Annual Report - Image 6. 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/174/show/159

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, 1952 Annual Report - Image 6, 1952, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 17, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/174/show/159.

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, 1952 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1952
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1952.
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 6
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_019_006.jpg
Transcript I Washington^ E>. C Completed in 1949 it is fully^^ auNcondition^l.":; j^^^ '.rOOB niNUMTION PROBLEMS worked out in the experimental kitchen in the Sheraton Plaza of Boston will benefit the restaurant operation of all Sheraton hotels •' . [iiSli by the high percentage of the Company's revenues currently being translated into net income despite higher wages, higher real estate and income taxes, and generally higher operating costs. During the year approximately 89% of the shares of Book-Cadillac Corporation, owning the Book-Cadillac Hotel in Detroit, were acquired by your Company at a cost of $3,182,733. Following the acquisition of these shares, the name of the Book-Cadillac Hotel was changed to Sheraton-Cadillac Hotel and a $1,000,000 program of modernization, improvement and rehabilitation was set in motion. This program is scheduled for completion in October, 1952, at which time the Sheraton-Cadillac will be one of the most important units in the Sheraton chain and undoubtedly one of the finest hotels in the middle west. During the year the Foxhead Inn at Niagara Falls, Ontario, was purchased as an adjunct to the very successful General Brock owned by your Company in that Canadian city. The acquisition of this small inn, together with substantial land overlooking the Canadian Falls, assures Sheraton a dominant position overlooking one of nature's greatest wonders. During the year the Park Square Building in Boston, New England's largest office building, was sold at a satisfactory price and a smaller office building in Washington, D. C, was purchased. The latter building, completed in 1949 and fully air-conditioned, will give the Company an opportunity to retain a substantial interest in the office building field. Although only a relatively small proportion of the funds realized from the sale of the Park Square Building were reinvested in Washington, D. C, yet earnings nearly comparable to those achieved by the Park Square Building are anticipated. Since April 30, 1952, the Company has entered into contracts for the sale of the former Sheraton Hotel of Detroit, now known as the Park Sheraton in that city, and the Alms Hotel of Cincinnati, both being in areas in which the Company is represented by larger hotels. Accordingly, the properties now being disposed of are no longer necessary from the point of view of adequate representation in principal cities. The Park Sheraton of Detroit was acquired in October, 1941, following a long period of nearly continuous losses. Ownership was secured with a cash investment of $50,000, all of which was applied to the reduction of the then existing mortgage. Under the direction of Sheraton's supervisory personnel, this Detroit hotel started showing profits for the first time. During the following ten years over a half million in earnings have been made available to your Company, and the equity originally costing $50,000 has now been sold for more than $3,000,000.00. Further modernization and redecorating of the Canadian hotels is in progress. This program should be completed during the present fiscal year. The bulk of expenditures, however, is now out of the way, and as a