Four important additions were made to the roster of
domestic Hilton Hotels during 1956, and plans were
completed for a fifth.
As reported in the 1955 Annual Report, The Statler
Hilton in Dallas, Texas, was opened on January 19, 1956.
On May 1, 1956, your Corporation purchased The Plaza
in San Antonio, Texas, through the issuance of 63,946
common shares (adjusted for the split) of Treasury stock.
The San Antonio Hilton, as it has been renamed, is one
of the leading hotels in the Southwest. Completely air-
conditioned, it boasts an unusual roof garden. Meeting
rooms for conventions, executive conferences, or parties
are conveniently located. The ballroom and banquet
hall can accommodate up to 700 guests.
Two hotels in Cincinnati, Ohio—the Netherland
Hilton and Terrace Hilton—were acquired June 1, 1956.
The Terrace Hilton, formerly the Terrace Plaza, was
built in 1948. The hotel comprises the top portion of a
nineteen-story building, the first seven stories of which
contain stores, offices, and an apparel mart. The store
leases were included in the transaction. The Terrace
Hilton has 350 air-conditioned rooms. The eighth floor
lobby is served by eight high-speed elevators. The
Netherland Hilton, previously known as the Netherland
Plaza, is a 28-story structure built in 1931. It includes
710 guests rooms and 4 restaurants.
In June, it was announced that Hilton Hotels Corporation would build and operate a new $15,000,000 hotel in
the Gateway Center Development of Pittsburgh's Golden
Triangle. The hotel, to be named the Pittsburgh Hilton,
will be located on Liberty and Barbeau Streets, adjacent
to the three stainless steel skyscrapers which dominate
the Gateway Center. Plans call for a seventeen-story,
completely air-conditioned structure, with some 800
guest rooms and many public function rooms.
Among the Pittsburgh Hilton's prominent features will
be one of the largest hotel ballrooms in the world, seating
2,000 people. Its 20,000 square feet can be separated, as
required, into smaller rooms by the use of disappearing
walls. In addition to the ballroom, ten to twelve private
dining rooms are planned for from 20 to 100 guests. An
exhibit hall will also be included in the plan. Adequate
parking will be provided, and the hotel will encompass a
special motor entrance and registration desk for guests
arriving by automobile.
On February 8, 1957, Hilton Hotels Corporation formally took over the operation of the Savoy-Plaza Hotel in
New York City. This acquisition will raise Hilton Hotels
Corporation's assets to approximately $202,000,000, an
increase of $15,000,000 over the $187,000,000 at December 31, 1956. Under the plan of acquisition, three shares
of Hilton common stock, plus three shares of a new issue
of $25.00 par value 5%% Preferred Stock, were exchanged for each of the 76,623 shares of Savoy-Plaza, Inc.
common stock so acquired, thus giving your Corporation
82.4% of the outstanding Savoy-Plaza stock. Stockholders' approval of the new preferred stock issue was
secured at a special meeting that was held on December
19, 1956. Of the 500,000 shares of preferred stock authorized, 278,733 shares were issuable along with an
equal number of shares of Hilton common stock for the
Savoy-Plaza, Inc. shares. For the present, the Savoy-
Plaza will be operated as a separate corporation. No
changes are contemplated in its excellent staff.