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Stouffer Hotel Holdings Inc

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BUSINESS
April 6, 1993
Nestle SA, the Swiss food giant, plans to sell its U.S.-based hotel unit, Stouffer Hotel Holdings Inc., to a company owned by the family of Hong Kong property developer Cheng Yu-Tung. The price was not disclosed. Nestle's U.S. operations are mainly based in Glendale, although Stouffer Hotel is based in Solon, Ohio. The unit owns or operates 40 hotels and resorts in North America, Mexico and the Caribbean. The hotel group was acquired by Nestle in 1973 when it bought Stouffer Corp.
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OPINION
April 4, 1993 | JOEL KOTKIN and DAVID FRIEDMAN, Joel Kotkin, a contributing editor to Opinion, is a senior fellow at the Center for the New West and an international fellow at the Pepperdine University School of Business and Management. David Friedman, a Los Angeles attorney, is a visiting fellow in the MIT Japan program.
When the state economy recovers, who will own California? The investors who are snapping up the assets of insurance compa nies, savings and loans, banks and troubled Japanese speculators at prices far below their late-1980s highs recognize that the state economy, contrary to the crystallizing conventional wisdom, has tremendous long-term potential.
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