Hilton Hotels forms subsidiary to increase its leisure travel activities.Hilton Hotels
n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. operating results, has begun two new programs aimed at increasing the company's leisure travel business. The company, known for the 250 hotels it owns, manages and franchises, has begun expanding its leisure travel operations by expanding into the resort business, said Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Baum, vice president of marketing and communications. The two new programs include the formation of a new company -- Hilton Hil·ton , Conrad Nicholson 1887-1979. American hotel-chain organizer who acquired hotels in many American cities and in 1946 founded the Hilton Hotel Corporation. Grand Vacations -- to establish and operate a nationwide system of member-supported resorts. In addition, Hilton is expanding its management of existing resort properties, said Baum. He noted that recently the company signed a management agreement to operate the three all-suite Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] Resorts in Phoenix. Under the agreement, the facilities will operate under the Pointe Hilton Resorts. Baum said Hilton has also recently begun managing a resort facility on Hilton Head island Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . That facility will be known as the Hilton Head Island Resort. Under the agreement with Grand Vacations Inc., the joint enterprise will create vacation resorts aimed at middle or upper-middle income families or individuals who can buy lifetime memberships in the facilities. Baum said he did not know how much the memberships will cost or how much money Hilton has committed to expanding its leisure travel products. "Our properties have traditionally been known to business and commercial travelers but we have decided that we want to play up and expand our resort business," said Baum. "Marriott and Disney have entered into the vacation resort business and we feel that with our name we can compete. This type of lifetime resorts could be in the future because people make a one-time payment." Because of the recession and the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in travel that has seriously hurt many hotels and resorts, more properties than ever are seeking management support from Hilton, said Baum. Last week Hilton said it had revenues of $283.5 million during the three month period that ended on Dec. 31, a 13 percent decline from the same period in 1990. Net income for the period increased 8 percent to $29.6 million, with per-share earnings of 62 cents compared to 71 cents in 1990. For 1991, Hilton reported revenues of $1.11 billion compared to $1.12 billion in 1990, with a 25 percent decline in net income to $84.3 million. Per-share earnings for the year also dropped 25 percent to $1.76. Hotel room occupancy for the year was 63 percent compared to 68 percent in 1990, Hilton said. |
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