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Hilton Hotels, 1949 Annual Report
Image 28
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Hilton Hotels Corporation. Hilton Hotels, 1949 Annual Report - Image 28. 1949. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 12, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/207/show/202.

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 28. 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/202

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 28, 1949, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 12, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/207/show/202.

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 28
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_002_028.jpg
Transcript V\fetcs to . basis of consolidation—Included in the Consolidated Balance Sheet are the wholly-owned subsidiaries, State-Monroe Equipment Corporation, a non-operating unit which holds title to the furnishings and equipment of the Palmer House, Chicago and Hilton Hotels International, Inc. which holds amongst its assets 7,310 shares, representing approximately 7%, of the capital common stock of Bermuda Development Company, Ltd., which is carried as an investment in the consolidation. The Corporation has adopted the policy on non-consolidation of companies which are not wholly-owned subsidiaries. Holdings of Mayflower Hotel Corporation representing 69.75% of the capital stock of that Corporation are carried in the accompanying Balance Sheet, as investments at cost, such cost being SI ,005,621.04 greater than book value at dates of acquisition and 5393,542.45 greater than book value at December 31, 1949. 2. fixed assets, depreciation and amortization—The properties included under Fixed Assets on the Balance Sheet at December 31, 1949 are the same as those included on the Balance Sheet at December 31, 1948 except for the Palm Beach Biltmore Hotel which was sold on January 1, 1949. Operating equipment for 1949 includes that of Caribe-Hilton Hotel which was opened in December 1949. This Hotel is under lease from Puerto Rico Industrial Development Company by Hilton Hotels International, Inc., a wholly-owned subsidiary of Hilton Hotels Corporation. Fixed Asset values and depreciation reserves ha> represent cost to predecessor companies, plus additions at cos Depreciation on buildings has been determined accordin from date of original construction, ranging from 50 years in House, the Stevens Hotel and the Palmer House, the latter's e. to a 30-year life for the Lubbock Hilton Hotel. been carried over from the predecessor companies. The Fixed Asset values i the straight line method on the basis of an estimated overall life case of the Plaza Hotel, to 40 to 45 years in the case of the Town lated overall life having been changed from 40 to 45 years in 1949, Leaseholds provements are being amortized over the remaining life of the existing leases. straight line basis at varying rates by classifications in accordai Furniture, furnishings and equipment are depreciated with the estimated useful life of the respective assets. Expenditures for rehabilitation, alterations and revisions are charged 1 periods from three to twenty years. Current depreciation rates being applied to cost basis by individu accordance with industry-wide practice. Operating equipment represents reserve stock inventories of linens, china, glat shown at net values after deduction of reserves covering estimated depreciation and deplcl a special classification and amortized < properties appear to be reasonable and adequate and i and silverware at cost, and stocks in use m of such stocks through loss and discard. . due from employees and officers for stock purchases—In accordance with the Agreement of Consolidation, 50,000 shares of common stock were reserved for offering to key employees at a price of 517.50 per share, payments therefor to be made in installments over a period not exceeding four (4) years. (Since extended for a period of three (3) years by action of the Board of Directors.) As of December 31, 1946 a total of 44,342 shares were subscribed for by various employees. Of this total, subscriptions to 10,922 shares have been cancelled to date, leaving a total of 33,420 shares subscribed for as of December 31, 1949 at a total cost of 5584,850.00. Of this amount, 5265,300.00 has been paid on account, leaving an unpaid balance of 8319,550.00 as of the Balance Sheet date. This unpaid balance is secured by signed purchase agreements of the individual employees. The shares so subscribed have been issued as partially paid shares entitled to dividends only to the extent to which the purchase price therefor has been paid. . pre-openinc expenses—These expenses were incurred in connection with Caribe-Hilton Hotel which property is under lease from Puerto Rico Industrial Development Company by Hilton Hotels International, Inc., a wholly-owned subsidiary of Hilton Hotels Corporation. . provision for federal and state taxes on income—As of December 31, 1949 this account consisted of an unpaid Federal Income Tax liability of 528,014.45 of New Mexico Hilton Hotel Company, a predecessor company; Federal and State Income Tax liability of Hilton Hotels Corporation for the year ended December 31, 1949 in the amount of 52,500,000.00 estimated on the basis of approximately 38% of the operating profit and 25% of capital gains for the period and the 1949 estimated Income Tax liability of 5265.82 of State-Monroe Equipment Corporation, a wholly-owned subsidiary. Thes s of Federal Income Tax Returns of pred. companies \ s follows: Stevens Hotel Corporation—Year 1945 and to May 31, 1946 presently under examination by the Treasury Department. The Plaza Hotel Corporation—Year 1945 and to May 31, 1946 subject to review by the Treasury Department. Dayton Biltmore Hotel—(A Partnership)—Year 1945 and to May 31, 1946 subject to review by the Treasury Department. 26