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Vallo Asperk Ullabritt Laanemets Tõnis Pärn Reimo Esaul

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Vallo Asperk Ullabritt Laanemets Tõnis Pärn Reimo Esaul Authors: Vallo Asperk Ullabritt Laanemets Tõnis Pärn Reimo Esaul Tallinn School of Economics and Business Administration 2011 TABLE OF CONTENTS Abstract .............................................................................................................................. 3 Introduction........................................................................................................................ 4 1. Corporate overview ........................................................................................................ 5 1.1. Key Dates......................................................................................................................... 5 1.2. The Founder .................................................................................................................... 6 1.3. Corporate development.................................................................................................. 7 1.3.1. Early 20th‐Century Origins ....................................................................................... 7 1.3.2. Depression‐Era Wrangling over Corporate Ownership ........................................... 8 1.3.3. Postwar Expansion ................................................................................................... 9 1.3.4. Second Generation of Management Introduces Casino‐Hotels .............................. 9 1.3.5. Dispute over Founder's Will Spans 1980s.............................................................. 13 1.3.6. The 1990s and Beyond ........................................................................................... 14 1.4. About Hilton Worldwide ............................................................................................... 16 1.5. Developed brands ......................................................................................................... 17 2. Development of Business Model................................................................................... 20 2.1. 1919 – 1960................................................................................................................... 20 2.2. 1960 – 1990................................................................................................................... 21 2.3. 1990 ‐ …......................................................................................................................... 23 3. Overview of strategical alliances................................................................................... 25 3.1. The Blackstone Group ................................................................................................... 32 3.2. SWOT analyse................................................................................................................ 34 4. Financial statement overview ....................................................................................... 37 5. Competitors .................................................................................................................. 38 6. Industry analyse and future development..................................................................... 40 6.1. Industry overview.......................................................................................................... 40 6.2. Industry development................................................................................................... 41 Conclusion ........................................................................................................................ 43 Addendum........................................................................................................................45 References........................................................................................................................ 48 The study group 2 www.hilton.ee Abstract In a bit less than 100 years the Hilton chain has grown from one‐man‐business to a multi‐ billion profitable company. Hilton is a world‐known accommodation provider. Without a doubt if one is planning to travel to one of the most popular destinations for sure there is an option to select a Hilton chain hotel for a comfortable stay. Despite the fact that nowadays the building itself does not belong to the corporation, one can count on the service quality and standard. This paper examines how Hilton developed to such a high‐profile accommodation provider to all living standards. The study group will introduce the company, the strategically important alliances, and the development of business model. The main focus is on the alliances and business model. The study group also tries to propose future visions and development possibilities. This research and the example of Hilton development can be used as a reference to a success story via capability to adjust and being more innovative compared to competitors. The paper describes the importance of quick adjustment and being one step ahead from other providers. The study group 3 www.hilton.ee Introduction Nowadays when someone is starting a business it is clear that the aim is to be cost‐saving and finding the special niche to provide the product or service in a way that is innovative and new. In the beginning of 20th century the case was not so obvious. Mostly people allied on the model of classical business development – high investments and then ages to earn the first profit. All kinds of new approaches were considered too risky, too alternative and too stupid. For example when a person started an accommodation service people could not imagine to send a client to competitors when they had no option to provide a roof over the head. They simply informed the customer that they are full without further instruction. The model stated to think highly on the company and not on the customer, despite the fact that this was the source for profit. The first innovative thinker who succeeded well in this new approach was Conrad Hilton, the founder of today known Hilton chain. After the purchase of one hotel in the beginning of 20th century the road has been nothing but uphill. Even though there has been some rocks and challenges on the road with their innovative thinking from the point the business was founded has always supported them. Not only supported but also keeping one step ahead from competitors. The reason for this success story could be also a challenging beginning. The founder Conrad Hilton was not born with the golden spoon. This was the foundation to find the way around to get what is desired. When a person has to fight for survival and not everything is delivered it develops enduringness, skills to keep the head above the water and a desire to receive more for less. After the death and even after the sell of the chain from the Hilton family to foreign capital, the trade mark has always kept with it the new way of thinking, the ability to see new markets and new development possibilities. The two key factors of survival are alliances and continuous re‐view of business model. The study group 4 www.hilton.ee 1. Corporate overview 1.1. Key Dates 1919: Conrad Hilton buys his first hotel. 1925: The first hotel carrying the Hilton name is constructed in Dallas. 1946: Hilton Hotels Corporation is formed. 1947: Becomes the first hotel company to have its stock listed on the New York Stock Exchange. 1949: Hilton buys the lease on New York's Waldorf‐Astoria. 1953: The first European Hilton opens in Madrid. 1964: Hilton International is spun off as a public company. 1970: The company buys two casino hotels in Las Vegas. 1982: Subsidiary Conrad International Hotels is formed to oversee international growth. 1996: Stephen F. Bollenbach becomes the first non‐Hilton to guide the company; Hilton merges with Bally Entertainment Corporation. 1998: Hilton spins off its gaming operations as Park Place Entertainment Corporation. 1999: Hilton acquires Promus Hotel Corporation for $3.7 billion. The study group 5 www.hilton.ee 1.2. The Founder Conrad Nicholson Hilton Born December 25, 1887 Socorro County, New Mexico Territory, U.S. Died January 3, 1979 (aged 91) Santa Monica, California, U.S. Occupation Hotelier Spouse Married Mary Adelaide Barron (m. 1925–1934) Zsa Zsa Gabor (m. 1942–1946) Mary Frances Kelly (m. 1976–1979) Children Conrad Nicholson "Nicky" Hilton, Jr. (1926‐1969) William Barron Hilton (b. 1927) Eric Michael Hilton (b. 1933) Constance Francesca Hilton (b. 1947) Hilton was born in San Antonio, New Mexico. His father, Augustus Halvorsen "Gus" Hilton, was an immigrant from Norway, and his devout Catholic mother, Mary Genevieve (née Laufersweiler), was an American of German descent. Hilton grew up with seven siblings: Felice A. Hilton, Eva C. Hilton, Carl H. Hilton, Julian Hilton, Rosemary J. Hilton, August H. Hilton, and Helen A. Hilton. Hilton attended the New Mexico Military Institute, at St. Michael's College (now the College of Santa Fe), and the New Mexico School of Mines (now New Mexico Tech). He was a member of the international fraternity Tau Kappa Epsilon. In his early twenties, Hilton was a Republican representative in the first legislature of the newly formed State of New Mexico. He served two years in the U.S. Army during World War I. While he was in the army, his father was killed in a car accident. The study group 6 www.hilton.ee The most enduring influence to shape Hilton's philanthropic philosophy beyond that of his parents was the Roman Catholic Church and its sisters. He credited his mother with guiding him to prayer and the church whenever he was troubled or dismayed
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