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| Title | Hilton Hotels, 1955 Annual Report |
| Creator (LCNAF) |
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| Publisher | Hilton Hotels Corporation |
| Date | 1955 |
| Description | Hilton Hotels Annual Report for calendar year 1955. |
| Subject.Topical (LCSH) |
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| Subject.Name (LCNAF) |
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| Genre (AAT) |
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| Language | English |
| Type (DCMI) |
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| 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 |
| Title | Image 15 |
| Format (IMT) |
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| File Name | hiltonar_201609_008_015.jpg |
| Transcript | conventions and, more specifically, in the cities of New York, Washington, D. C, St. Louis and Los Angeles. Your Corporation denied that the hotel business constitutes interstate commerce or that there was any substantial lessening of competition or tendency toward a monopoly by virtue of the Statler acquisition. In the opinion of our counsel, the suit was not well founded and we were confident of ultimate success. Nevertheless, to engage in long-drawn out anti-trust litigation would not only have been costly but would have diverted the energies of our executives and staff from more productive matters. Accordingly, your Board of Directors approved a settlement deemed by them to be in the best interests of the Corporation. The consent decree specifically disclaims any admission of any violation of law or that your Corporation is engaged in interstate commerce. It requires the sale, within a reasonable time, of The Jefferson Hotel, St. Louis, The Mayflower Hotel, Washington, D. C.j and either the Hotel New Yorker or the Hotel Roosevelt in New York City. For a period of five years, the acquisition of certain named hotels in New York, Washington, St. Louis and the Los Angeles-Beverly Hills area is prohibited, if any such acquisition would increase the number of such hotels owned by this Corporation in excess of four in New York and one in each of the other communities. Since The Beverly Hilton is not included in the list, your Corporation can continue to operate both The Beverly Hilton and the Los Angeles Statler. No restrictions are placed upon the construction of new hotels or remodeling of existing hotels in any of the four cities nor upon the acquisition of hotels in other cities in the United States or in foreign countries. The Jefferson Hotel was sold in December at a profit of more than $2,500,000, and the sale of the other hotels will also prove profitable to the Corporation. When the Mayflower transaction is consummated, your Corporation will have fully complied with all the requirements for disposition of properties contained in the consent decree. Conclusion The unprecedented level of business activity and national prosperity helped make 1955 the best year the hotel industry has recently enjoyed, and we have every reason to believe that 1956 will see a continuation of favorable conditions. The substantial increase in Hilton earnings last year was attributable in part to the acquisition of the Statler properties and in part to improved earnings in our other hotels. For the first time since the end of the war, average room occupancy showed an increase over the preceding year. We are constantly striving to effect economies by combining facilities to avoid duplication, by the mass purchase of equipment and supplies, by pooling executive talent, and by cutting administrative overhead. Our sales and promotional efforts have been intensified. These policies have proved rewarding and will be continued. Opening of the new 1,001 room Statler Hilton in Dallas this January was an auspicious beginning of what looks to us like another year of progress. We are now in a better position than ever before to serve the great traveling public and we look forward to the coming year with confidence and enthusiasm. Conrad N. Hilton President March 7, 1956. 13 |