Hilton Hotels
Company Background Hilton Hotels founded in 1919 by Conrad Hilton. Hilton bought his first hotel, the Mobley Hotel, in 1919 in Cisco, Texas. The first hotel to bear the Hilton name was the Dallas Hilton, a high-rise that opened in Dallas, Texas in 1925. In 1949, at the Caribe Hilton Hotel's Beachcomber Bar in San Juan, Puerto Rico, Ramon "Monchito" Marrero created the Piña Colada. In 1954, Hilton hotels bought the Statler Hotel chain, making it the largest hospitality company in the world. Hilton Hotels Corporation is a leading hospitality company that owns, manages, and franchises over 2,000 hotels across the country. The company's international arm, Conrad Hotels, has locations in Australia, England, Ireland, Egypt, Belgium, Turkey, Hong Kong, and Singapore. By the late 1940s, Hilton owned a worldwide chain of premium hotels. The Hilton Hotels Corporation is formed it becomes the first hotel company to have its stock listed on the New York Stock. In the 1960s, Hilton sold its international operations and concentrated on management contracts and franchising. The company created innovative joint-venture arrangements that became standard industry practice. It then entered what would become a prime source of revenue for the company: casino-hotels. Hilton expanded into gaming in 1971; by 1989, gaming provided 44 percent of the company's income. In 1996, Barron Hilton relinquished day-to-day management of the chain to Stephen F. Bollenbach. Asserting that "Big companies do big things," Bollenbach revitalized the company with bold actions. He spun off the company's gaming operations as Park Place Entertainment Corporation in 1998. One year later he orchestrated the $3.7 billion acquisition of Promus Hotel Corporation, which added the Doubletree, Embassy Suites, Hampton Inn, Homewood Suites, and Harrison Conference Centers brand names to its line-up. Hilton hotels are owned by, managed by, or franchised to independent operators by Hilton Worldwide. Hilton