Word: bollenbach
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...Stephen Bollenbach, the high-flying CEO of Hilton Hotels Corp., is strictly a bird of his word. Bollenbach told TIME last summer that he was looking to make significant additions to Hilton's hotel holdings. Last week he found what he was looking for--more than 130,000 rooms. Those lodgings happen to do business under the banner of Sheraton, which happens to be owned by ITT Corp. and run by Rand Araskog, a man not keen on having his corporate masterwork painted over. That's why Hilton's $55-a-share, $6.5 billion offer for ITT, whose holdings also...
...Bollenbach, 54, is one of the sharpest pencils in corporate America, a veteran hotelier who joined Hilton last year after a stint at Walt Disney Co., where he helped engineer the Mouse's $19 billion buyout of Capital Cities/ABC. Araskog, 65, has lots of starch in his sheets. A West Pointer who once served in the National Security Agency, he has a perfect record in fending off corporate raiders...
Hilton, which got into the habit of building big, if not oversize, full-service hotels in major cities, is now in the penthouse. Says Bollenbach: "What is absolutely certain is that no one is going to build a $500 million hotel across the street from you. Today you are very, very lucky if you are an owner...
...step in Bollenbach's campaign is bound to be international. Nine years ago, Hilton's international properties were sold and are now owned by Ladbroke's, a British gambling concern. Bitter disputes followed, especially after Hilton began opening overseas hotels called Conrad. Both companies could benefit from a joint marketing agreement, if not a merger...
...Bollenbach agrees. But he points out that much of the new construction is in the small, limited-service-hotel segment of the business. He likes Hilton's location just fine--and he can always get a room...