Search Details

Word: itt (lookup in dictionary) (lookup stats)
Dates: during 1990-1999
Sort By: most recent first (reverse)


Usage:

...sector where synergy is working well for Alwaleed is hospitality. He has quietly become one of the largest private investors in, and owners of, hotels. And not coincidentally, hotel values and returns are soaring, as the recent battle for ITT Corp. (Sheraton) has demonstrated. His goal is to create, with international partners, a web of four- and five-star hotels around the world. He currently owns 50% of the Fairmont group, 30% of Movenpick, a Swiss chain, and 25% of the upmarket Four Seasons chain. He is the sole owner of the deluxe George V in Paris and owns half...

Author: /time Magazine | Title: PRINCE ALWALEED: THE PRINCE AND THE PORTFOLIO | 12/1/1997 | See Source »

DIED. HAROLD GENEEN, 87, empire builder; of a heart attack; in New York City. During his 18 years as CEO of International Telephone & Telegraph (1959 to 1977), Geneen used some 300 takeovers to build ITT into one of history's most sprawling conglomerates, only to see a successor, Rand Araskog, strip down the company to its hotel-and-gaming core, which is likely to be sold...

Author: /time Magazine | Title: Milestones Dec. 1, 1997 | 12/1/1997 | See Source »

Remember the Greek mythological figure Icarus who flew too close to the sun on wings of wax? The modern-day version is Barry Sternlicht, the highflying CEO of Starwood Lodging Trust, which is in a vicious proxy contest this week with Hilton Hotels for control of ITT Corp. By topping Hilton's offer with a $10.2 billion bid for ITT, Sternlicht has thrust himself into what had been a very personal battle between Hilton CEO Stephen Bollenbach and ITT boss Rand Araskog--and thus into the public spotlight. Sternlicht is a Wall Street darling. His stock, including dividends, has soared...

Author: /time Magazine | Title: BURNED BY THE ITT BATTLE? | 11/17/1997 | See Source »

That's why investors believe in the unusual tax structure. How else to explain Starwood's unnatural premium in the market? Its shares trade at 64 times recent earnings--nearly triple the multiple of hotel and casino giant ITT. Starwood is growing faster. That helps. But the tax setup accounts for a good bit of the premium, and that's critical, because if the setup is ever struck down or found to be of little value, some of the premium would evaporate. Just what is this magical tax structure? Starwood is a Real Estate Investment Trust that owns hotels...

Author: /time Magazine | Title: BURNED BY THE ITT BATTLE? | 11/17/1997 | See Source »

...chief concern, as it relates to the battle over ITT, is that the structure seems to generate so much potential tax and other savings that Starwood can afford to outbid all comers. When Sternlicht was snapping up smaller companies, heavyweights like Bollenbach took note but didn't fuss. Now that Sternlicht is going after bigger quarry, he's on Bollenbach's radar, and the fuss has just begun. The Hilton boss has been lobbying against the paired-share structure. By opting to go after a big name like ITT, Sternlicht has created a personal Catch-22. If the scrutiny...

Author: /time Magazine | Title: BURNED BY THE ITT BATTLE? | 11/17/1997 | See Source »

Previous | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | Next