Abilene Reporter-News from Abilene, Texas on March 8, 1957 · Page 13
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Abilene Reporter-News from Abilene, Texas · Page 13

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Abilene, Texas
Issue Date:
Friday, March 8, 1957
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Page 13
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THE ABILENE REPORTER-NEWS , TMM, FiWuy ET»bf, Mart* I, 1W7 7-A BUSINESS OUTLOOK By L A. LIVINGSTON Philadelphians Suddenly Find New Hotel in Midst; Sheraton Goes All Out PHILADELPHIA, Uucti » - publicity. When you say, there'* no biiness like »!xw btziMM, you're wrong. You'd admit you are wrong, too, if you'd been with Perle Mesta, George Jeiwl, Zsa Z» Gabor, Gov. Robert Meyner tt N. J., Sen. Clinton Anderson of New Mexico, Wharton School protwiori, the Andrews Sisters, pretty models, and assorted Philadelphia bankers, industrialists, retailers, and representatives of the Chamber of Com- · merce when Mayor Richardson Dilworth snipped the ribbon to formally open Philadelphia'* first big rooming home shice 1M», the hotel Sheraton. This three-day extravaganza set the Sheraton Corp. back $150,000, according to Robert L. Moore, chairman, and Ernest Henderson, president. The tab included the price of a chartered plane which brought in atari from Hollywood: tranaportaUon tor newapaper and .magazine writers, TV and radio commentator*; TV time pur- guests, fees for entertainment; and ih* tost of not using the hotel for paying customers. There'* purpose t» all of this. new hotel hu to fet its name around Otherwise, out-of-towners will atk for the old Philadelphia standby* - the Bellevue-StraWord, Warwick, Barclay, Benjamin Franklin, John Bartram, Sjilranla, and to on. Hence, the accent Some travelers always want the atest. This adds a dollar a night to the price of lodging, according to Moore. On 930 rooms, that Deans nearly a thousand dollars extra per day, or some $300,900 a year, assuming full occupancy, ["his is a big assumption. Philadelphia hotel occupancy slipped torn 6« per cent to 66 per cent i 1956. Good bet: Occupancy will drop further. But the Sheraton also will increase Philadelphia's hotel bust ness. Sheraton bookings for the next five' years for conventions amount to $5,000,000. Some of that would have gone to other hotels But some wouldn't have come to Philadelphia without the Sheraton Now, Philadelphia can offer plenty of first class rooms. The building of the Sheraton has roused other Philadelphia hotels, i'he Bellevue and the Warwick have seen rearranged and refurbished. The cuisine of all hotels has smart- jartner and co-foimrter with myscltji n the company, were in studies .ogclher ' at Harvard College In ^ambridfe. Han. We also per- ormed awvke in World War First; i and wits our veterans' rewards, in|| combination, we commenced ourselves into various divers* busi-|| neises, ene of which the World Radio Co., a network of radio shops, became highly successful. Then w« mdertook real-estate." To Henderson and Moore, the ho- el business is an inflation hedge. Their first venture was the Hotel Continental in Cambridge in 1934. 1'hey now have 45 in the U. S.i, and Canada. The Philadelphia Sheraton is the first they've built. The others were bought as going hotels Another is under construe- ion In Dallas. Henderson figures , Sheraton [| Corp. sales at sl"0,000,000 a year. Total assets are carried at $212,- aoo.OOO. Estimated market value, (290,000,000. Earnings are put at about $1.25 a share from opera- Jons. Because of accelerated de-j| preciation, the cash flow is greater--52.44 a share. To finance a hotel property. th-J,, corporation gels up a separate company, viz.: The Sheraton Louisiana Corp., The Sheraton Mayflower Corp.. the Philadelphia Sher-|| aton Corp. In Philadelphia, a Mas-| sachusetts insurance company took a first mortgage of $6,000.000 supplemented by $3,000,800 in debentures. A group of Phibddphia banks has promised a $2.500,000 five-.\ear term loan, guaranteed by the parent company. The Sheraton Corp. will put in the equity. 13,500,000 to M.500,000, lo cover the rest of the cost. When all the bills for land, construction, furnishings, and promotional efforts are in. the tote will be between $15,000.000 and $16,000,000. tnssed; free wining and dining of ene d up. Waiters are more alert, Bright fellow, he, who said, "Com petition's the life of trade." Since Boston, the home base of the Sheraton Corp., and Philadel phia are colonial cities, a colonial motif dominated the opening, f colonial - style · newspaper interviewed Moore, aa follows: "Q. How was your beginnings in the hostelry business? "A. prnest Henderson, Esq., my Shop Lifters' Law AUSTIN. March 8 Wl -- Shop lifters may find their "work" tougher if a bHl introduced by Sen. Ottis Lock of Lufkin is passed. It would allow owners or employes in a retail store to hold anyone "for a reasonable period of time," if the person is suspected of shop-lifting. 50-Foot Triple Tube Sprinkler 3 95 Time to start watering (or a beautiful, frean lawn this spring. This triple tube, flexible sprinkler r e a c h e s hard-to-wnter spoil, covers 1,000 square feel with a fine, mist-like »pray. Use as a sprinkler or soaker . . . complete with storage reel. three location*: Downstairs, 4th Oak: 8.14th ft Barrow, Elmwood W e s t . , . Official Little League Shoes boy'i . mei'i. 498 5 50 Safety apikM of molded rubber on $Am and hwls take the danger out of tilde*. Staunchly protective are the hard le* cap*. Pull-proof cytkti. cool uppers of heavy washable duck, /n black . . . -sizes tor beys, youthi and men. Sporting, Good! . . . S. 4th ft Pecua largest selection in town! Men's Western Shirts to )98 If you lite the color and comfort of western dress, you'll want several of these weslfrn style shirts. There are checks, plaids, slripos and solid color chamforay . . . in grey, tan, blue, white and red. Sizes 1314 to 17. Frontier plenty of free parking space . . . always DW's March Supremacy Sale! This Gigantic Sale of Washer sand Dryer sis being held over because of the great demand plus a brand new stock! MAKE YOUR SPIRITS AS BRIGHT AS YOUR WASH, C O M E THIS WASH DAY WITH A NEW GE WASHER DRYER. SPECIAL GE Superfost Dryer NOTHING DOWN 139 1.80 WEEKLY GE Automatic Washer Tremendous Savings! ,95 159 NOTHING DOWN $ 7 96 Monthly Reg. 12.18.95 And Old Operating Washer Buy the Pair F ° r ONLY Total Price on Pair Only '299 90 MONTHLY And Old Operating Washer GE Filter-Flo WASHER Pair 60 Gauge, 15 Denier Nylon Hose For 25 for each lady who comes in and watches a demonstration of one of these GE Washers. Furniture 102 Elm, Ph. OR 4-t242 D W Appliances 1109 N, Mockingbird, Ph. OR 4-5401 Television 265 Chittnur. Ph. OR S-7121

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