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Hilton Hotels, 1960 Annual Report
Image 13
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Hilton Hotels Corporation. Hilton Hotels, 1960 Annual Report - Image 13. 1960. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 24, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/476/show/452.

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. (1960). Hilton Hotels, 1960 Annual Report - Image 13. 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/476/show/452

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, 1960 Annual Report - Image 13, 1960, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 24, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/476/show/452.

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, 1960 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1960
Description Hilton Hotels Annual Report for calendar year 1960.
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 13
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_013_013.jpg
Transcript offer made in connection with the merger agreement. A cash settlement was made in August, 1960 in the amount of $1,769,945 plus $169,572 in interest. This was in lieu of the 28,547 shares of Hilton 5lA % preferred and 22,838 shares of Hilton common which would have been issuable under the merger agreement. In the final session of Congress in 1960, a law was passed providing for special federal tax treatment of real estate investment trusts. Hilton Hotels, like other companies with large real estate holdings, is carefully studying the implications and provisions of this law to determine if in any way the Corporation could qualify, and if there would be any benefit in doing so. Any further developments will be discussed in subsequent reports. financial condition: During 1960, sums expended on new properties (as distinguished from modernization projects) totaled $11,270,874. The Corporation's working capital position at year-end was strong, amounting to $25,010,132, or $6.70 per share of common stock. Current assets were 1.8 times current liabilities. Comparable figures a year earlier, which reflected the $30 million debenture issue in late 1959, were $32,925,130 of working capital and a current ratio of 1.9 to 1. Included in the December 31, 1960 current assets of $54,728,054 are cash of $27,056,626 and $2,498,924 in highly liquid short term securities which are the equivalent of cash. These securities earn interest, but can readily be converted into cash when needed. In January 1961 the Corporation borrowed $21,000,000 at 51/a per cent interest of which $19,000,000 was used for the purchase of The Hawaiian Village and $2,000,000 was used to reduce other bank indebtedness. The funds were drawn under a $25,000,000 standby credit agreement with a group of 17 leading banks. The Corporation has until September 15, 1961 to borrow the remaining $4,000,000 under the agreement. Long-term indebtedness was decreased during the year by $8,291,216 through payments on mortgages and other notes. This is detailed in the table entitled "Analysis of Consolidated Long-Term Debt." The year-end total was equal to 46.2 per cent of the book value of fixed assets, investments at cost and working capital. The following is a condensed consolidated statement of source and application of funds for the year ended December 31, 1960: SOURCE OF FUNDS: Net profit $ 9,792,010 Less: Net profit from property sales 2,247,028 Net profit from operations 7,544,982 Depreciation and amortization 10,740,575 Collections on notes receivable 3,596,922 Maturing short-term investments 10,000,000 New financing 2,000,000 Decrease in cash 6,488,784 Decrease in other net assets 195,116 FUNDS APPLIED TO: Reduction of long-term debt $ 8,291,216 Capital expenditures 22,093,715 Purchase of treasury stock 1,990,952 Payment to Savoy-Plaza dissenters 1,939,517 Dividends 6,250,979 $40,566,379 $40,566,379 11