Word: money
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Dates: during 1940-1949
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...Good. From Los Angeles, Hilton went shopping in New York. "When I saw all those people in the streets, I didn't see how you could lose money," he says. "And I had to establish myself in New York. I could borrow money from my Texas friends to buy a small hotel, but only in New York could I get the millions I wanted to swing the deals I had in mind." The first deal looked too good to Hilton. The famed Ritz Hotel was offered to him for $700,000 and he turned it down. Said...
...liked many things about it, including the Presidential Dining Room where columnists, politicos and union chiefs served up the latest gossip as piping hot as the famed terrapin soup. Most of all he liked the way the Mayflower had gone through the financial wringer and come out making money. He bought...
...world beyond New Mexico. He had sold his little bank, and in 1919 (after his father died) he set out for the oil-rich town of Cisco, Texas, looking for bigger game. Instead of a bank, Hilton bought the shaky old Mobley Hotel with $5,000 of his own money, $15,000 from friends and a $20,000 bank loan...
...wonder. He started by persuading George Loudermilk, an ex-undertaker and a large landholder, to give him a 99-year lease on some Dallas property he owned. Then he used the leased land as collateral for a $500,000 bank loan. Hilton put up $100,000 of his own money, and raised $200,000 from friends. He needed another $150,000, and he borrowed it from the contractor who was to build the hotel. Then he ran out of money and his troubles began. When a secretary mistakenly mailed a $50,000 check to pay a plumber's bill...
...does not consider the Caribe Hilton primarily a resort hotel.) "Whenever you see an offer of a 'Hotel in the Pines,'" says he, "stay away from it." He bought the Palm Beach Biltmore, was glad to sell it for a net loss of $183,353, also lost money in a flyer in three Bermuda hotels...