Word: hiltons
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...Manhattan, somewhat dazed by Hilton's speed, Zeckendorf first seemed about to fight, then gracefully surrendered when it turned out that Hilton had already lined up another big block of Statler stock. Wired Bill Zeckendorf: "Sincere and warm congratulations." Into a stockholders' meeting originally scheduled to consider Zeckendorf's offer walked Hilton's lieutenants, with proxies for 1,061,731 shares. Out went most of the Statler's board of directors, including Chairman William L. Marcy, formerly (until his recent divorce) a member of the Statler clan. Three Hiltonians, headed by Connie Hilton as chairman...
...Hilton was not saying where he would get the cash to finance his latest coup. But the Manufacturers' Trust Co. promptly lent him $8,000,000 to make a down payment on the 753,000-share Statler-family block, and the word was that insurance firms might lend him another $66 million. The remainder will probably come from debentures and a small Hilton stock issue...
Five Are Better Than One. Why had Hilton bought the Statler hotels? For one thing, says Hilton, "they're our kind of hotel, big and comfortable." The money-making chain also gives Hilton his first foothold in such important cities as Boston, Cleveland, Detroit, Buffalo, Hartford, and Dallas. Furthermore, Hilton is a great believer in owning two or more hotels in one city (he now has five in Manhattan alone), feels he can cut costs drastically by combining facilities where Statler and Hilton hotels now compete...
Another big reason for the purchase was the tax advantage the Statler chain will bring Hilton. For tax purposes, it was almost the same as building a brand-new group of hotels; Hilton can start depreciating them at the full purchase price and not just the value at which they are carried on the Statler company's tax books. The tax advantage for Hilton amounts to about $2,200,000 a year, which, with the $2,200,000 Statler can already charge off, raises Hilton Hotels Corp.'s total annual depreciation figure...
With the Statler chain in his pocket, Connie Hilton has pulled far into the lead as the world's biggest hotel operator (27 hotels around the globe, 30,000 rooms). Says he: "When you consider how big the hotel business really is, we've got a long way to go. We're just starting...