Word: sheratons
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...years, the Sheraton Corp. of America, which vies with Hilton for the title of leading U.S. hotel chain, was run pretty much as the private, if not always profitable, satrapy of Co-Founder Ernest Henderson. After Henderson's death two months ago, the chain passed to his son, Ernest Henderson III, 43, as president and chief executive, and longtime Henderson Financial Adviser Richard Boonisar, 60, as chairman. Along with the changeover came rumors that Sheraton was ripe for acquisition if the right offer came...
Last week it did: an exchange of stock with a per-share value of $35 for each of 5,500,000 Sheraton shares outstanding. Making the $193 million bid was Harold S. Geneen (TIME cover, Sept. 8), chairman-president of the vast conglomerate International Telephone & Telegraph Corp. Sheraton and its 129 U.S. hotels and motels, together with 25 overseas, should fit nicely into ITT's "consumer services" group, which already includes Avis, Airport Parking Co. and 16 Holiday Inn franchises. For the time being, at least, Geneen will let Henderson and Boonisar run his 45th acquisition...
...privacy, Geneen, Boonisar and aides carried on negotiations in a suite of Boston's non-Sheraton Somerset Hotel. Negotiations over, Geneen got a firsthand idea of how booming was his new business; at 1 a.m., with the suite's beds spoken for, not a hotel room was to be had in Boston. "To hell with it," snapped the new innkeeper, who then flew back to his New York apartment aboard an ITT Gulfstream...
...itself. Four years ago, when an unusually severe winter cold snap snuffed out sports events for eleven weeks running, the books closed with a chilly $80,000 annual profit. As a hedge against such disasters, Ladbroke's bankrolled a new casino and hotel complex (run by Sheraton) on Malta. Completed only last July, it is already returning a steady...
Died. Ernest Henderson, 70, co-founder and for 30 years boss of Sheraton Hotels, world's largest chain; of a heart attack; in Boston. Sparely built and quiet, Henderson and his Harvarc roommate, Robert Moore, started oui in 1919 with a small import and radio business, then during the Depression gambled $10,000 to buy a faltering Boston investment firm; by taking advantage of low prices, they gobbled up properties that totaled $30 million by 1939-including Boston's Sheraton, which became the namesake of an evergrowing chain of businessmen-oriented hotels that today numbers...