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In April 1998, the Securities and Exchange Commission approved the sale of as many as 24 million Hilton shares from the charitable trust he controls.
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The settlement meant that Hilton could vote the foundation's shares, giving him control of over 25 percent of the outstanding stock in the company. After the year 2008, those payments and ownership of the shares revert to the foundation. He was allowed to keep 60 percent of any dividends paid on the trust's shares for the next 20 years. The settlement, reached in November of 1989, gave four million shares to Hilton outright, 3.5 million shares to the foundation, and six million shares to a trust, with Hilton serving as executor. A California superior court ruled against Hilton in 1986. He claimed his father's will gave him the option to buy the stake from the foundation at the 1979 price of $24 a share, a total of $330 million less than the 1988 market price. Hilton controlled another 3.4 percent of the 25 million shares. The bulk of his fortune, almost 13.5 million shares of Hilton Hotels stock, went to the Conrad Hilton Foundation to help Roman Catholic nuns worldwide. When his father died in 1979, he left Hilton several hundred thousand dollars in cash. This watch and wait strategy caused the company's stock to increase in value. When he saw which of the new formats were successful, he came up with similar products of his own. Some critics viewed him as being overly conservative, but his waiting paid off. Other hotel chains developed new formats such as suite hotels and vacation ownership resorts. Seemingly a contrarian in the 1980s, Hilton sold many of his assets when others in the industry were building. His strategy of owning very few properties outright was later imitated by other hotel companies in the 1980s. Growth in the hotel part of his empire came from expanding the number of hotels it franchised. In 1972, Hilton bought control of two Las Vegas casinos, paying $112 million for them. This turned out to be a smart purchase because the stock increased in value sevenfold.
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He received $83 million in the deal, which was used to buy back 20 percent of the company's stock. This was one of the first management lease-back deals in the hotel industry. In 1975, the company sold half its equity in six major hotels, but continued to manage the properties in return for a percentage of room revenues and gross profits. Hilton was one of the first businesspeople to use management leaseback deals. Barron Hilton took over as president and chief executive officer of the Hilton Hotels Corporation in February 1966.When Conrad died in 1979, at the age of 91, Barron became the new chairman of the board. Barron, an aviation enthusiast, thought the TWA stock would go up in value, but instead it plummeted. In 1967, Barron convinced his father, the biggest stockholder of Hilton International, to sell his shares to Trans World Airlines (TWA) in exchange for that company's stock.
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In 1964, the company spun off its international hotels to shareholders because Barron argued that the parts were worth more than the whole, a move that some questioned. This led him to move the company's focus away from hotels. Barron Hilton was very interested in making gambling a part of the Hilton empire. The company lost $2 million in six years, before it was sold to Citibank. In 1959, Conrad Hilton started the Carte Blanche credit card business, with Barron Hilton in charge. Conrad Hilton's sons, William Barron (known as Barron), born on Octoin Dallas, Texas, and Eric, born in 1930, followed their father into business. Once need was determined, the right location had to be chosen and construction had to be financed in a conservative manner. Hilton's philosophy about the hotel business was that no hotel should be built unless there was a need for it. From that purchase grew the Hilton Hotels Corporation.