Word: hiltons
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Dates: during 1990-1999
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...that the war is history, resentment, though usually kept hidden, persists. Most people do not talk about the fighting, yet nearly every family's household altar has a photograph of a relative killed in the war. Signs are everywhere that the recovery is well under way. The infamous Hanoi Hilton, where American POW's like Peterson were held and tortured, has been demolished. In its place are two office and residential towers...
Silverman, who founded HFS as Hospitality Franchise Systems in 1990 and took it public in 1992, has his company in the thick of some of the hottest plays on Wall Street. If Hilton Hotels Corp. succeeds in its hostile $6.5 billion takeover bid for ITT Corp. and its chain of 424 Sheraton properties, as many analysts think likely, HFS will add the luxe Sheraton brand to its already bulging portfolio. That's because Hilton ceo Stephen Bollenbach wants to license HFS to franchise the Sheraton trademark worldwide. Says Bollenbach of Silverman: "He can do more for the Sheraton brand than...
...YORK: ITT brushed aside Hilton's hostile takeover bid with a brisk "no thanks, and, by the way, your offer is too low." ITT, which owns numerous properties including Sheraton hotels and Madison Square Garden, said that besides being too low, the Hilton offer of $55 a share (or $6.5 billion total) was incompatible with its goals. "There are serious business conflicts in a Sheraton-Hilton combination," said ITT chairman Rand Araskog. The move is part of a strategy designed to push Hilton's offer above $60 a share. "This is not the end of it. Now the real...
...Bollenbach prevails, that is. Araskog greeted the offer with public silence and began privately assembling a defense team. He has run ITT since 1979 and seems primed for a big battle. "Sheraton would rather take over Hilton than be taken over by it," says Morris Lasky, ceo of Lodging Unlimited, a hotel-management and consulting firm. Lasky likened Hilton and ITT to "two titans that will go nose to nose." Just the prospect of such a fight sent ITT stock up a whopping $14.75 a share, to $58.50, the day Hilton launched its offer. (ITT shares closed Friday...
...Bollenbach is in a buying mood, and even if Hilton does swallow ITT, the company's appetite for new acquisitions will remain undiminished. Hilton has been quietly buying up the debt of Claridge Hotel & Casino Corp., a struggling gaming firm. "We're going to stick to our strategy," Bollenbach says. Which means? "More deals coming...