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Hilton Hotels, 1949 Annual Report
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Hilton Hotels Corporation. Hilton Hotels, 1949 Annual Report - Image 6. 1949. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. June 1, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/207/show/180.

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.

Hilton Hotels Corporation. (1949). Hilton Hotels, 1949 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/207/show/180

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.

Hilton Hotels Corporation, Hilton Hotels, 1949 Annual Report - Image 6, 1949, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed June 1, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/207/show/180.

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 Hilton Hotels, 1949 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1949
Description Hilton Hotels Annual Report for calendar year 1949.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
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_002_006.jpg
Transcript Mayflower Hotel Corporation During the past year your Corporation purchased 834 additional shares of common capital stock of Mayflower Hotel Corporation, Washington, D. C, and on December 31, 1949 owned 271,826 shares, or 69.75% of the total stock outstanding. A dividend of $81,547.80 was received from the Mayflower Hotel Corporation, which added 5c per share to the earnings on the Common Stock of your Corporation. Progress has been made in the disposition of the Federal income tax deficiency asserted by the Bureau of Internal Revenue involving excess profit taxes for the years 1943 to 1945. The Bureau has conceded that the transaction whereby the Mayflower Hotel Corporation acquired the assets of the Mayflower Hotel Company in January 1935, pursuant to a plan of reorganization approved by the Federal Court was a non-taxable transaction. Accordingly, Mayflower Hotel Corporation is entitled to the same basis as the predecessor Corporation. The question of the amount of the invested capital basis, and the basis for and rates of depreciation charged by the Mayflower Hotel Corporation, are still under consideration by the Bureau. You were advised in the last Annual Report of the ruling of the Circuit Court of Appeals that the dismissal of the suit filed in the Federal District Court of Washington, D. C., against your corporation and certain of its officers, directors, and others by minority stockholders of the Mayflower seeking to set aside the stock purchase and the management contract should be reversed and the case tried on its merits by the District Court. A petition for rehearing was filed and denied. The case is now pending in the District Court for trial on its merits. Answers have been filed denying the material allegations of the amended complaint and March 27, 1950 has been set up as the date for trial. Hilton Hotels International, Inc. Hilton Hotels International, Inc., a wholly- owned subsidiary, has had no income since its organization in April 1948. Its operating ex penses during 1949 were $47,605.93, most of which was spent in the investigation of the many projects offered it, the management of the properties in Bermuda, and in the work necessary to the selection, shipping and placing of the operating equipment and furniture in the Caribe-Hilton Hotel in San Juan, Puerto Rico. Further expenditures were necessary for the pre-opening expense of the Caribe-Hilton, which was built and is owned by the Puerto Rico Industrial Development Company and leased for 20 years to Hilton Hotels International, Inc. The hotel, containing 300 rooms, was built at a cost of approximately $6,000,000 including furniture and fixtures. It is modern in every respect, air-conditioned throughout. The formal opening was on December 9th and wide publicity was given the event. Results so far indicate that this hotel will be a successful operation. For the month of January 1950 its average room occupancy was 85.3% and it returned a net profit of $24,101.89. A very satisfactory number of future bookings and inquiries are being received. By mutual agreement the contract which Hilton Hotels International, Inc. had with the Bermuda Development Company for the operation of the Bermuda Hotels was cancelled on September 9th, our experience there having proved unsatisfactory. Operating Contracts There has been no change in the contracts under which your Corporation supervises the management of The Mayflower Hotel in Washington, D. C.j the Roosevelt Hotel in New York, and the Palacio Hilton in Chihuahua, Mexico. Dividend Payments Regular quarterly dividends of 50c per share were paid on all Convertible Preference Stock not under option to your Corporation. Dividends of 25c per share on all Common Stock were paid March 1st, June 1st, September 1st, and December 1st. Total dividend distribution of $1,614,762 represented 41% of the net profit for the year. This compared to a distribution of $1,888,153 during 1948, or 48% of the net profit for that year.