Promus Hotels

Promus Cos. said Monday it is separating its hotels and Harrah's casino businesses, creating the largest stand-alone gaming corporation in North America, with $1.64 billion in assets. The Harrah's casino business has about 80% of the company's assets. The remainder consists of its Embassy Suites, Hampton Inn and Homewood Suites hotels. Under the tax-free deal, stockholders will receive one share of the new hotel company for each two shares of Promus they own.

Hilton Hotels Corp. said Tuesday that it will buy Promus Hotel Corp. for $3.04 billion in cash and stock, in a deal that would create a colossus overseeing 1,700 hotels, 85,000 employees and operations in almost every segment of the industry. The deal would give Beverly Hills-based Hilton such Promus brand names as Doubletree and Embassy Suites, substantially increased franchising operations, and expansion into limited-service lodging and all-suites hotels.

Hilton Hotels Corp. said Tuesday that it will buy Promus Hotel Corp. for $3.04 billion in cash and stock, in a deal that would create a colossus overseeing 1,700 hotels, 85,000 employees and operations in almost every segment of the industry. The deal would give Beverly Hills-based Hilton such Promus brand names as Doubletree and Embassy Suites, substantially increased franchising operations, and expansion into limited-service lodging and all-suites hotels.

Hilton Hotels Corp., looking to complement its roster of upscale properties with a diversified group of moderately priced inns, said Wednesday it is in talks to acquire Promus Hotel Corp. in a deal that would be valued at close to $3 billion. Promus operates and franchises about 1,400 hotels under such brands as Doubletree, Embassy Suites, Hampton Inn and Red Lion. Both companies confirmed they're in negotiations but declined further comment until any merger agreement is reached.

Hilton Hotels Corp., looking to complement its roster of upscale properties with a diversified group of moderately priced inns, said Wednesday it is in talks to acquire Promus Hotel Corp. in a deal that would be valued at close to $3 billion. Promus operates and franchises about 1,400 hotels under such brands as Doubletree, Embassy Suites, Hampton Inn and Red Lion. Both companies confirmed they're in negotiations but declined further comment until any merger agreement is reached.

Doubletree Corp. and Promus Hotel Corp. on Tuesday said they had agreed to merge in a $2.14-billion stock swap, creating the world's third-largest hotel company, with well-known brands such as Embassy Suites, Hampton Inn and Red Lion. Doubletree investors--who include Peter Ueberroth, organizer of the 1984 Olympics in Los Angeles--would get one share of a new company, which would take the Promus name, for each of their shares. Promus holders would get 0.925 share, valuing their shares at $41.

Promus Hotel Corp. said its second-quarter profit grew 25% to $50 million, or 57 cents a diluted share, a penny higher than analyst estimates, as it opened about 180 new Doubletree, Embassy Suites, Hampton Inn and Homewood Suites hotels. The company, which merged with Doubletree Corp. in December, said revenue grew 12% to $290.7 million. The results exclude one-time gains in both periods. Other earnings, excluding one-time gains and charges: * American General Corp.

Hilton Hotels Corp. on Tuesday reported a 66% plunge in third-quarter earnings and forecast dismal results for the remainder of the year amid a dramatic drop in travel triggered by the mid-September terrorist attacks. Beverly Hills-based Hilton's financial results were in line with or slightly exceeded the estimates of many securities analysts.

The president of the hotel workers union on Tuesday called for more coordination between the hundreds of locals that make up the organization in an effort to gain clout in an industry dominated by a few multinational corporations. John Wilhelm, president of the Hotel Employees and Restaurant Employees union, offered a five-year plan at the union's annual convention in Los Angeles to organize the international chains, including Hilton Hotels Corp. and Marriott International Inc.

Hilton Hotels Corp. on Wednesday reported impressive fourth-quarter and annual financial results but warned of slower growth in the months ahead as a weakening economy puts the brakes on business and leisure travel. The economic climate will dampen industrywide expansion plans and make it harder to raise nightly rates in some competitive markets, say industry analysts. While hotels will seek to boost revenue in different ways, guests may find more vacant and affordable rooms in some cities.

Promus Hotel Corp. said its second-quarter profit grew 25% to $50 million, or 57 cents a diluted share, a penny higher than analyst estimates, as it opened about 180 new Doubletree, Embassy Suites, Hampton Inn and Homewood Suites hotels. The company, which merged with Doubletree Corp. in December, said revenue grew 12% to $290.7 million. The results exclude one-time gains in both periods. Other earnings, excluding one-time gains and charges: * American General Corp.

Doubletree Corp. and Promus Hotel Corp. on Tuesday said they had agreed to merge in a $2.14-billion stock swap, creating the world's third-largest hotel company, with well-known brands such as Embassy Suites, Hampton Inn and Red Lion. Doubletree investors--who include Peter Ueberroth, organizer of the 1984 Olympics in Los Angeles--would get one share of a new company, which would take the Promus name, for each of their shares. Promus holders would get 0.925 share, valuing their shares at $41.

Promus Cos. said Monday it is separating its hotels and Harrah's casino businesses, creating the largest stand-alone gaming corporation in North America, with $1.64 billion in assets. The Harrah's casino business has about 80% of the company's assets. The remainder consists of its Embassy Suites, Hampton Inn and Homewood Suites hotels. Under the tax-free deal, stockholders will receive one share of the new hotel company for each two shares of Promus they own.

When you're trying to choose a hotel or a cruise line, the travel industry may seem as broad and bewildering as the planet itself, with scores of hotel chains and more than 100 cruise ships adrift worldwide. But the business end of the travel industry is probably a lot narrower than most travelers realize.

After booking 900 Indonesian tourists in December and seeing only 200 show up, Ritwan Mursalim didn't think things could get much worse. But they did. Earlier this year, only 400 out of 4,500 Indonesians who booked vacations through American Vacations Inc. made the trip to the United States. The severity of Indonesia's economic crisis forced the West Los Angeles company into quick action.