September 2, 1999 |
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.
September 3, 1997 |
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.
July 29, 1998
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.
October 24, 2001 |
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.
July 18, 2001 |
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.
January 25, 2001 |
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.