Word: hilton
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...Hilton thought he had picked up a bargain. For a mere $3,000,000, Hilton Hotels Corp. and half a dozen outside associates will acquire 70% of the common stock in a building which cost $26 million to build and furnish in 1931. (He also acquired $5,700,000 in bonded debt...
Though the Waldorf is smaller (1,900 rooms) than the Stevens and short of the Plaza's leisurely charm, it is the greatest hotel in the world to Hilton, as to almost everyone else...
...Goal. Hilton began eyeing the Waldorf in 1942 when he bought a batch of Hotel Waldorf-Astoria Corp. bonds with a face value of $500,000 for $22,500, or 4? on the dollar. A few years later, after the bonds had soared, he sold out at a profit of $412,000 to raise cash to buy Chicago's Palmer House. But he never forgot his goal. Last week, Connie Hilton proudly announced that he had reached it. Both he and the Waldorf's stockholders had signed the deal, and barring "a fire, an atom bomb...
...with the New York, New Haven & Hartford Railroad another $10 million more. (As a big New York Central stockholder, which now gets a yearly rental for the land on Park Ave., Mrs. Cornelius Vanderbilt, grande dame of Manhattan's social world, will, in effect, be one of Connie Hilton's new landlords...
...make the Waldorf more profitable, Hilton plans no cut in its present service. But he hopes to keep occupancy at a peak by feeding it business from his hotels outside New York. And, by giving the stately pile a warmer atmosphere, he hopes it will appeal not only to potentates-but to ordinary travelers as well...