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Hilton Hotels, 1961 Annual Report
Image 12
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Hilton Hotels Corporation. Hilton Hotels, 1961 Annual Report - Image 12. 1961. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. December 2, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/561/show/534.

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. (1961). Hilton Hotels, 1961 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/561/show/534

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, 1961 Annual Report - Image 12, 1961, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed December 2, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/561/show/534.

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, 1961 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1961
Description Hilton Hotels Annual Report for calendar year 1961.
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_014_012.jpg
Transcript of the Corporation's real estate holdings in Houston other than the land on which The Shamrock Hilton is located. The preferred shares acquired in the exchange have now been retired and only 3,500 shares of this issue remain outstanding. The action reduced annual preferred dividend requirements by $247,000 which has the effect of increasing earnings available to the common stock by six cents per share annually. The year-end earned surplus was $65,229,134 as compared with $57,904,979 at December 13, 1960. After payment of all dividends net profit retained from 1961 consolidated earnings amounted to $7,324,155. Book value per share of common stock was $27.66 at December 31 compared with $24.37 a year earlier. Book value reflects the cost basis to the Corporation of its assets at the time of acquisition less accumulated depreciation. With the general increase in real estate values during the life of the Corporation since 1946, market values are substantially higher than book values. Institutional investors continued to hold large amounts of Hilton common stock at year-end. Approximately 600,000 or nearly 16 per cent of the outstanding shares were in the portfolios of investment trusts, banks, pension funds and other institutional investors. Institutions also held a substantial portion of Hilton debentures and preferred stock issues. EARNINGS 5 OO i PER SHARE / \ \ 1 OO 1952 1955 1958 1961 financial condition: The Corporation's working capital at December 31, 1961 amounted to $20,321,641, or $5.36 per share of common stock. Current assets were 1.68 times current liabilities. A year earlier, working capital was $25,010,132 for a current ratio of 1.84 to 1. Current assets at the end of 1961 included $27,975,218 in cash compared with $27,056,626 in cash at the preceding year-end. In March 1961, Hilton Hotels received $24,500,000, mostly in the form of corporate securities, through the sale and leaseback of The Beverly Hilton, and the sale of notes and bonds from the Corporation's investment portfolio to a group of private investors. The Beverly Hilton was leased back for an initial term of 35 years from March 31, 1961 with renewal options for an additional 64 years. The Corporation has options to repurchase the hotel at the sale price in either 1966 or 1967. Subsequently, the corporate securities received in the transaction were liquidated. The proceeds were utilized to eliminate all but a nominal amount of bank indebtedness through repayment of the balance of a $21,000,000 loan from a group of 17 leading banks. Of this loan, $19,000,000 was incurred at the time of the purchase of The Hilton Hawaiian Village. In December 1961, Hilton Hotels and Fritz B. Burns & Son of Los Angeles formed the Hilton-Burns Hotels Company, Inc. Hilton transferred ownership of The Hilton Hawaiian Village, valued at $21,000,000, to Hilton-Burns Hotels Com- DIVIDENDS PER SHARE 1 .60- / 1952 1955 1958 1961 8