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Hilton Hotels, 1949 Annual Report
Image 12
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Hilton Hotels Corporation. Hilton Hotels, 1949 Annual Report - Image 12. 1949. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 24, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/207/show/186.

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 12. 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/186

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 12, 1949, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 24, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/207/show/186.

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 12
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_002_012.jpg
Transcript September 30, 1949, your Corporation participated in a syndicate to purchase a majority of the Common Stock (or voting trust certificates therefor which are also referred to herein as shares) of Hotel Waldorf-Astoria Corporation which leases and operates the Hotel Waldorf- Astoria. The syndicate purchased, at a price of $12.00 per share, 249,024 shares out of a total of 366,040.75 shares outstanding. Of the total number of shares involved, your Cor-- poration acquired 157,325 shares at a cost of $1,887,900, Mr. Henry Crown and Mr. C. N. Hilton each purchased 20,833 shares at a cost to each of $249,996, and other members of the syndicate purchased the remaining 50,033 shares. City Investing Company, of which Mr. Robert W. Dowling, a director of your Corporation, is an officer and director, delivered to this Corporation 5,128 shares of Common Stock of this Corporation then owned by it in exchange for a like number of shares of Common Stock of Hotel Waldorf-Astoria Corporation. The other members of the syndicate were given the right to exchange the shares purchased by them, share for share, for Common Stock of this Corporation on or prior to December 31, 1949, which date was later extended to March 31, 1950. Pursuant to this opportunity, 13,525 shares have been exchanged as of February 17, 1950. Mr. Henry Crown and Mr. C. N. Hilton gave your Corporation an option to purchase the 20,833 shares purchased by each of them at their cost on or prior to January 1, 1952, and the Corporation exercised this option on January 23, 1950. Giving effect to all transactions above mentioned, the Corporation, as of February 17, 1950, owned a total of 207,388 shares, constituting approximately 57% of all of the outstanding shares of the Common Stock of Hotel Waldorf-Astoria Corporation. On January 10, 1949, your Corporation entered into a contract to sell the Palm Beach Biltmore Hotel for a total consideration of $1,655,000. This sale resulted in a loss of $295,730.53. This sale was effected pursuant to the expressed policy of the Corporation to dispose of properties where long term earnings prospects are unsatisfactory. As noted elsewhere in this report, the wholly owned subsidiary, Hilton Hotels International, Inc., has cancelled its operating contract on properties in Bermuda, and opened the new Caribe-Hilton in San Juan, Puerto Rico. Future There are many large American cities where hotels are needed and if satisfactory propositions are presented to your Corporation for consideration they will receive sympathetic 10