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Sheraton Corporation of America, 1963 Annual Report
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Starwood Hotels & Resorts. Sheraton Corporation of America, 1963 Annual Report - Image 9. 1963. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 13, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/390/show/378.

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. (1963). Sheraton Corporation of America, 1963 Annual Report - Image 9. 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/390/show/378

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, 1963 Annual Report - Image 9, 1963, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 13, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/390/show/378.

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, 1963 Annual Report
Creator (LCNAF)
  • Starwood Hotels & Resorts
Publisher Starwood Hotels & Resorts
Date 1963
Description Sheraton Corporation of America Annual Report for the year ending on April 30, 1963.
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 9
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_024_009.jpg
Transcript • Financial Program and Trends Until such time as the real estate cycle once more turns upward, Sheraton will concentrate on securing management contracts and franchises for hotels either already in existence or under construction. Fortunately the next upturn in the real estate cycle may not be long delayed because the great American population growth is now reaching adult age brackets. Furthermore a period of mild inflation ordinarily associated with national unbalanced budgets seems close at hand. A protracted real estate downswing in the face of these developments seems unlikely. On the optimistic side, in the face of rising competition in the hotel industry, there have been some favorable developments. There is a growing demand for strategically located land in large cities for purpose of investment by large financial institutions. In some instances we have found that the land under a hotel is worth more than the economic value of the hotel and land combined. The maintenance of satisfactory room occupancy is another favorable factor, although this has been achieved at a high cost in maintenance charges as well as some sacrifice in the Company's rate structure. Sheraton's occupancy at 72% is currently running some eleven percentage points above that of the hotel industry. Our occupancy is rising and, reversing previous trends, is now even running ahead by a small margin of the motel industry, as reported by leading hotel accounting firms. While the real estate cycle turned downward in recent years it was not possible immediately to discontinue all construction projects underway. Several years had to elapse between the time new construction was contracted for until the hotels could be completed. The construction program, however, being now virtually completed, with the necessary funds for its financing duly ear-marked, this should leave much of our quite substantial cash flow available for reducing long term debt until such time as the ratio of long term debt to market value of properties conservatively calculated, again approaches 50%. Changes in Executive Personnel George D. Johnson, former General Manager of the Sheraton-Park Hotel, and former Southeast Divisional Manager, has become a Sheraton Senior Vice President and Director. He has been placed in charge of supervising all Sheraton Hotels. This gives Robert M. Brush, also a Senior Vice President and Director, more time to devote to the direction and administration of Sheraton staff activities. Lloyd B. Carswell, former General Manager of the Sheraton- Chicago Hotel, has become a Vice President in charge of sales. These changes are already effecting an appreciable improvement in the Company's operating efficiency. Robert L. Moore, former Board Chairman, has been appointed Chairman of the Finance and Executive Committees. My position as President of the Company since its entrance into the hotel field has now been relinquished. I have become Chairman of the Board, retaining the title of Chief Executive Officer, the Board of Directors having adopted amendments to the Company's By-Laws designating the Chairman of the Board as Chief Executive Officer. Ernest Henderson III has been elected President. Aside from my understandable satisfaction in seeing my son assume these new responsibilities, he is well qualified for this position. He was a U. S. Naval Officer during World War II. As a graduate of the Harvard Business School he has had an excellent business training. In hotel operations his first position with Sheraton seventeen years ago was as a kitchen apprentice in one of our earlier hotels. He has since gained an insight into almost all branches of the hotel business, and during his service as former Treasurer of the Company has had extensive financial experience. New and younger men will, I believe, provide added managerial strength to the Company. Acknowledgment We would again like to express our appreciation to 22,000 Sheraton employees for their cooperation, and to our 19,000 shareholders for their patience during difficult years. We hope that in retrospect these years will prove to have been stepping stones toward better years ahead. C?U^*S^r«i>*-< Chairman of the Board