Word: hilton
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Last month, fast-stepping hotelman Conrad Hilton was buttonholed by the Puerto Rico Development Co., a government-backed organization. The Puerto Ricans wanted Connie Hilton to run a new beach hotel in tropical San Juan. Hilton was flattered, but wanted "an intelligent deal." Last week...
...deal calls for the Development Co. to spend about $3 million building and furnishing a lavish ten-story, 300-room hotel, all air-conditioned. When it opens (tentative date: mid-1948), Hilton will take over. All he has to put up is enough cash to buy linen, dishes, pay and train the staff, cover operating expenses. In return, he will get one-third of the profits. Hilton will stand any losses, but nobody expects any. Puerto Rico is already short of hotel rooms, hopes soon to be doing a booming tourist business...
...months, hotelmen had been quietly tilting for control of Los Angeles' luxurious Ambassador Hotel, whose 500 rooms, famed Cocoanut Grove, swimming pool and golf course have long been run by a bondholders' trust. Conrad Hilton, owner of Chicago's Stevens ("world's largest") and twelve other hotels, thought he had the inside track. Hilton started dickering last year, first offered $22 apiece for a controlling quantity of the 58,200 trust certificates issued after the hotel went bankrupt in 1935, gradually raised this to $44, with no takers...
...stepped Junious Myer Schine, 54, who has picked up over $30,000,000 worth of choice hotels* in less than three years in the business. He talked turkey to a group of California brokers who held a fat chunk of the trust certificates. To the consternation of Hilton et al., Schine last week paid $55 apiece for 51% of the certificates. For his $1,621,510 he got control of the hotel...
Meditation on the ghostwriting of presidential speeches moved Novelist James Hilton (Lost Horizon) to a startling proposal. Why stop at speechwriting? he demanded in the Atlantic. "The late President was fortunate in having a magical radio personality; but for some future President who hasn't," Hilton tactfully put it, "why not borrow a Voice? And the step after that would be the Face-obviously one chosen for its photogenic qualities. . . . Thus would be evolved a composite of assorted perfections...