Word: statler
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...collision, Zeckendorf's feet went skidding out from under. Zeckendorf's opponent: Conrad Hilton, who in about a dozen years has risen from an obscure Southwestern innkeeper to a position as the world's biggest hotelman (TIME, Dec. 12, 1949 et seq.). The prize was the Statler hotel chain (eight hotels, two more abuilding in Dallas and Hartford, Conn.), which Hilton snapped away from Zeckendorf in history's biggest hotel deal. Price: $78 million...
...others in the planning stage (Rome, Cairo, London). But Connie Hilton is not ready to settle back just yet. Though Hilton is not talking, rumors are buzzing that he is in a hot bidding battle with Real-Estate Operator William Zeckendorf (see below) for control of the $67 million Statler chain of eight big U.S. hotels. Zeckendorf has already bid $50 a share for Statler's outstanding stock. Hilton's reported offer: two shares of Hilton stock (latest price: $27) for each share of Statler stock (about...
Conference & Study. When Mitchell telephoned Reuther to say that the union terms were too stiff, he was asked up to Reuther's Statler Hotel room. At 2:30 p.m., he arrived and worked out an agreement to arrange 1) union-AEC conferences on community facilities for atomic workers, and 2) an AEC study to improve collective bargaining. At 6:15 p.m., hands were shaken all around; in a special Air Force plane, Swisher flew to Oak Ridge for a back-to-work meeting...
...deal would give Webb & Knapp, which already controls $250 million in property (including Manhattan's Chrysler Building), and has operated in 30 states, one of the choice hotel systems in the world. Founded by the late E. M. Statler in Buffalo in 1908, the chain is now the third biggest (after Hilton, Sheraton) in the U.S., with eight hotels and two office buildings, in Boston, Buffalo, Cleveland, Detroit, St. Louis, Washington, New York and Los Angeles, worth $67 million. Having already built four of the seven major U.S. hotels put up in the last 25 years, the chain...
Zeckendorf has offered Statler's 2,700 stockholders two ways to hand over control. They can either sell him their stock at $50 a share (v. over-the-counter value of $43.50), or sell him all Statler assets for $80 million, enough to pay them $50 a share...