Chevron-Hilton Hotel Agreement Signed

Press, Volume XCIX, Issue 29179, 13 April 1960, Page 21

Chevron-Hilton Hotel Agreement Signed

(N.Z. Press Association—Copyright)

MELBOURNE, April 12.

The agreement between Stanhill Consolidated, Ltd., and Hilton Hotels International for Hilton to manage the Chevron group of hotels in Australia has been signed. The secretary of Stanhill (Mr J. C. Carrodus) announced this today, and also advised Melbourne Stock Exchange of the completion of negotiations. Hilton will enter into management agreements with the individual Australia hotel companies concerned. Mr Carrodus said the gross revenue of the Hilton organisation for the year ended December 31 last was 221,057,350 dollars. The net profit was 11,582,864 dollars, and the number of employees 27,000. By the end of 1961, the number of rooms in the Hilton organisation would be approximately 80,000. he said. Australian Ownership The new Chevron-Hilton chain, which plans to spend up to £32m on new hotel accommodation in Australia and New Zealand, could never pass from Australian ownership, Mr Stanley Korman said in Melbourne on Monday night. Mr Korman, chairman and managing director of the Stanhill group of companies, which control the Chevron hotel chain in Australia, returned by air on Monday from Honolulu where he signed the agreement with the American hotel magnate, Mr Conrad Hilton.

He said the agreement formed the new company, ChevronHilton, Ltd., which would operate and manage “international standard” hotels in Australia and New Zealand. “Mr Hilton can never own more than 25 per cent, of Chev-ron-Hilton,” Mr Korman said.

He said the agreement meant that by the end of 1963 every State capital in Australia would have a Chevron-Hilton hotel of international standard.

The company had already bought land in Newcastle for a new hotel and had plans to build hotels at Auckland and Christchurch in New Zealand.