Word: sonnabend
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...last week Boston Real Estate Tycoon Abraham Malcolm Sonnabend, 58, happily extended his right hand, firmly shook his own left hand. He thus Approved a deal to let his restaurant chain, Childs Co., buy three Sonnabend hotels -Manhattan's Plaza, Boston's Somerset and Cleveland's Cleveland-and make himself a potful of money...
...stock in a new company: the Hotel Corporation of America. The new company will gross an estimated $52 million annually: $22 million from the hotels, $15 million from the restaurants and $15 million from two food companies now owned by Childs. By putting all companies under one corporate roof, Sonnabend will make a fat tax saving. He will be able to de duct Childs' losses from the hotels' profits (1954: about $2,000,000), thereby add a king-sized fillip to his earnings...
...Sonnabend's efforts to improve Childs (which lost $698,000 in 1953) do not stop with putting it into a new company. He has closed unprofitable restaurants (leaving him with 35 in ten cities, largely on the East Coast), sold its ice-cream producing subsidiary (Sherry's) and retired a $500,000 bank loan. Last year he paid out $3,398,500 for two food-processing companies in order to diversify, recently began experimenting with new, slightly higher-priced restaurants. The changes cost money, and last year Childs lost $687,500. This year Sonnabend "hopes" that Childs will...
BOSTON REALTOR ABRAHAM M. SONNABEND, 58, admits to a fortune of "a few million" made by buying up properties cheap and improving them for resale. Sonnabend has won control (chairman of the board) of Botany Mills, is president of the Childs restaurant chain, now runs a string of seven hotels, including Manhattan's Plaza and Ritz Tower. In 1950 Sonnabend and his associates bought Cleveland's $100 million Van Sweringen property for a total of $35 million, of which they had to put up only...
...Sonnabend, 57, was elected board chairman of Botany Mills of Passaic, N.J., which has lost $7,000,000 in the past two years. The president of the Childs Co. restaurant chain, and also of a string of hotels (e.g., Chicago's Edgewater Beach, Manhattan's Plaza and Ritz Tower), Sonnabend first got interested in textiles this year, when he supported Textron's attempt to take over American Woolen. Recent purchases of Botany stock gave him working control of the company along with Philadelphia's H. Daroff & Sons, maker of men's suits. To get Botany...