Word: hiltonization
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Advisory Role. Today, the relation ship between father and son has changed. Barren, now 41, is not only president and chief executive of Hilton Hotels (at $100,000 a year), but has considerably widened his father's footsteps since he took charge three years ago. The elder Hilton, who, at 81, remains chairman of the board but contents himself with an advisory role, is delighted with his son's performance. "Things are going very well with us," he says...
...rose only 18% to $231 million. The chain, which owns, manages or fran chises 67 hotels and inns in 56 U.S. cities, currently has an oc cupancy rate 10% above the industry-wide average of 61%. More remarkable, that occupancy level has been reached despite a 21% advance in Hilton's average room rate from $16.43 to $21.27. On the New York Stock Exchange, Hilton shares have reflected the company's fortunes by leaping from 7⅛ in 1966 to 57½ last week - a gain...
Setting Records. Barron came back to the family business by a roundabout route. When his father rebuffed his first effort to land a well-paying Hilton job, the young man began selling fresh fruit juice to Los Angeles dairies. The venture prospered and helped pave Barren's way into the family firm...
...first post was vice president in charge of television sets. Later he took over Hilton's Carte Blanche, lifting the credit-card operation from a $9,000,000 hole and making it profitable...
Promoted to Hilton president in 1966, Barron immediately began reorganizing a management that had been as spread out as its hotels. By centralizing the purchase of housekeeping items under a subsidiary, Hotel Equiment Corp., he saved the parent company money on everything from carpets to cutlery. He reduced the size of hotel payrolls and, to save capital while expanding, formed partnerships with other investors to build Hilton hotels in such places as New York, San Francisco and Hawaii...