Word: sheratons
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Popping up out of nowhere, a mysterious "global combine" proposed to buy five Sheraton Corp. hotels on Waikiki Beach and 5,400 acres of choice land on Oahu owned by shrewd Chinn Ho, 58, most meteoric of Hawaii's new millionaires (TIME, May 5, 1961). Total price on the package deal (including a few odd lots from other landholders): $62 million...
Inevitably, there was endless speculation as to who was behind the combine. Sheraton executives suggested it might be oil-rich Saudi Arabians-perhaps even King Saud himself. Others were certain that it was a group of Swiss financiers. Last week Hawaii discovered with some shock and much irreverent merriment that there was nobody behind the combine...
Nothing to Lose. From the start, both Chinn Ho and the cautious Yankee management of the Boston-based Sheraton chain were a bit put off by the elusiveness of the would-be purchasers. Publicly, the combine was represented by tough-talking Honolulu Real Estate Woman Ann Felzer...
...this was, the combine's offer was just too good to reject. For its five Waikiki hotels, Sheraton was to get $34.5 million-$10.5 million more than they had cost the chain-and a contract to keep on operating them. Chinn Ho stood to do almost as well: besides $10.2 million in cash, he was promised contracts to develop the land he was selling. Said Ho: "We had no alternative but to accept-and nothing to lose." The Good of the Service. Deadline date for the big deal...
...Washington the company's name is Hotelevision, but the gimmick is the same: a repeating half-hour program to be launched at the Sheraton-Park Hotel and the Shoreham late in March. In addition to standard what-to-do-and-see features, Hotelevision will run stock market news, show slides and film clips of key tourist spots such as the White House. Various companies hope to open circuits in other U.S. cities in the future...