Word: hiltons
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Dates: during 1990-1999
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...have a difficult time finding a room here this week," says Hilton Hotels CEO Stephen Bollenbach, sitting in the company's flagship Waldorf-Astoria in New York City. Of course, he's managed to snag a rather nice...
...fact, getting his hands on hotel rooms, say an additional 10,000 this year, is Bollenbach's mission at Hilton, a company he hopes to turn into a hot property again. His timing is nearly perfect. The lodging industry in the U.S., which bled money over seven horrendous years from 1987 to 1993, had a breakout performance in 1995, and is now running out of room to hold the profits. This year the industry will earn more than $10 billion, a record, as occupancy and rates go up and costs go down. Stocks of such companies as Hospitality Franchise Systems...
LUCK, BE A HILTON TONIGHT...
When Stephen Bollenbach left the top financial job at the Walt Disney Co. to run the Hilton Hotel Corp. in February, he vowed to make Hilton a leader of the $20 billion U.S. gaming industry. Bollenbach hit the jackpot with just one roll of the dice last week, when Hilton agreed to acquire Bally Entertainment in a $2 billion stock swap that creates the world's largest casino company. "Big guys win in any consolidating industry," Bollenbach says...
Among the benefits of bulking up, the deal will land Hilton on the boardwalk in Atlantic City, New Jersey, where Bally owns two huge gaming palaces. Hilton has five casino hotels in Nevada but had been shut out of the lucrative Atlantic City market. The combined companies will rake in the chips at 15 casinos from Las Vegas to Istanbul, Turkey, and plan to open five more by the end of the decade. But Hilton, which last year earned half of its $353 million in operating income from gambling, is hardly turning its back on the lodging business. "We will...