Word: sheratons
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Dates: during 1990-1999
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...founded HFS as Hospitality Franchise Systems in 1990 and took it public in 1992, has his company in the thick of some of the hottest plays on Wall Street. If Hilton Hotels Corp. succeeds in its hostile $6.5 billion takeover bid for ITT Corp. and its chain of 424 Sheraton properties, as many analysts think likely, HFS will add the luxe Sheraton brand to its already bulging portfolio. That's because Hilton ceo Stephen Bollenbach wants to license HFS to franchise the Sheraton trademark worldwide. Says Bollenbach of Silverman: "He can do more for the Sheraton brand than anyone else...
...senators were abducted and scandals have erupted, but overall, things at the Boston Sheraton, the site of Harvard Model Congress (HMC), are right on track...
...YORK: ITT brushed aside Hilton's hostile takeover bid with a brisk "no thanks, and, by the way, your offer is too low." ITT, which owns numerous properties including Sheraton hotels and Madison Square Garden, said that besides being too low, the Hilton offer of $55 a share (or $6.5 billion total) was incompatible with its goals. "There are serious business conflicts in a Sheraton-Hilton combination," said ITT chairman Rand Araskog. The move is part of a strategy designed to push Hilton's offer above $60 a share. "This is not the end of it. Now the real...
...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...
...Bollenbach prevails, that is. Araskog greeted the offer with public silence and began privately assembling a defense team. He has run ITT since 1979 and seems primed for a big battle. "Sheraton would rather take over Hilton than be taken over by it," says Morris Lasky, ceo of Lodging Unlimited, a hotel-management and consulting firm. Lasky likened Hilton and ITT to "two titans that will go nose to nose." Just the prospect of such a fight sent ITT stock up a whopping $14.75 a share, to $58.50, the day Hilton launched its offer. (ITT shares closed Friday...