Word: statler
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...like nothing more than getting together at trade conventions, recently have been getting together in another way. They have embarked on the greatest merger spree in history. In the past few months, by stock swap or outright purchase, Nash and Hudson became American Motors, Hilton Hotels took over the Statler chain, Mathieson Chemical and Olin Industries combined. Still more big mergers are in the making throughout industry. Packard and Studebaker stockholders vote this week on consolidating. Bethlehem Steel is talking merger with Youngstown Sheet & Tube, and Textron is working on a three-way merger with American Woolen and Robbins Mills...
...advantages often play an important part in creating the urge to merge, as in the Hilton-Statler combination (TIME, Aug. 16). So do changing business tides. The Paramount Theatre chain, making money in a troubled industry, was a natural to combine with American Broadcasting, which was losing money in the promising new field of television. One of the reasons advanced for Oilman Clint Murchison's current interest in Follansbee Steel (see Tycoons) is that the steel company has a listing on the New York Stock Exchange, something that Murchison has never...
Five Are Better Than One. Why had Hilton bought the Statler hotels? For one thing, says Hilton, "they're our kind of hotel, big and comfortable." The money-making chain also gives Hilton his first foothold in such important cities as Boston, Cleveland, Detroit, Buffalo, Hartford, and Dallas. Furthermore, Hilton is a great believer in owning two or more hotels in one city (he now has five in Manhattan alone), feels he can cut costs drastically by combining facilities where Statler and Hilton hotels now compete...
Another big reason for the purchase was the tax advantage the Statler chain will bring Hilton. For tax purposes, it was almost the same as building a brand-new group of hotels; Hilton can start depreciating them at the full purchase price and not just the value at which they are carried on the Statler company's tax books. The tax advantage for Hilton amounts to about $2,200,000 a year, which, with the $2,200,000 Statler can already charge off, raises Hilton Hotels Corp.'s total annual depreciation figure...
...With the Statler chain in his pocket, Connie Hilton has pulled far into the lead as the world's biggest hotel operator (27 hotels around the globe, 30,000 rooms). Says he: "When you consider how big the hotel business really is, we've got a long way to go. We're just starting...