Word: itt
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...Bollenbach told TIME last summer that he was looking to make significant additions to Hilton's hotel holdings. Last week he found what he was looking for--more than 130,000 rooms. Those lodgings happen to do business under the banner of Sheraton, which happens to be owned by ITT Corp. and run by Rand Araskog, a man not keen on having his corporate masterwork painted over. That's why Hilton's $55-a-share, $6.5 billion offer for ITT, whose holdings also include the Caesars World chain of casinos and Madison Square Garden, is becoming the kind of delicious...
...ITT Corp. fits Bollenbach's bill perfectly. "Sheraton," he says, "has something that very few other people have: a large number of big hotels." His timing is pretty good too. Deluxe hotels are far cheaper to buy than to build, particularly in major cities such as New York and Chicago, which have added few big inns since an industry-wide slump ended in 1994. At the same time, the profits of hoteliers jumped 28% last year...
...Hilton/ITT combination would create the world's largest hotel-and-gaming company, with more than 650 hotels and 30 casinos from Las Vegas to Turkey to Uruguay. (Combined revenues: $8.5 billion, with ITT accounting for 77% of the total.) "This should be the merger of the century in the hotel-and-gaming industry," says Bjorn Hanson, chairman of the hospitality-industry practice at Coopers & Lybrand, an accounting and consulting firm...
...ride out the real estate crash that bankrupted operators just as smart as he was, bondholders might have got their money back. But that's a junk-bond if. The Phoenician, derided as a symbol of Keating's wretched excess, is a crown jewel for its new owner, ITT-Sheraton, and worth at least twice what Keating spent to build...
...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, Marriott International and ITT are soaring. ITT, which owns Sheraton, has made lodging a focal point of its future growth. Lodging companies that also own casinos, as do Hilton and ITT, are racking up big wins...