Hilton Pulls In ‘For Sale’ Sign; Offers Fall Short : Hotels: The climate for takeover financing has changed since the junk bond market collapsed. And foreign investors showed no interest.

Hotelier Barron Hilton on Wednesday removed the “For Sale” sign from Hilton Hotels Corp. after a nearly seven-month-long attempt to sell the chain failed to attract satisfactory bids.

Expectations of a lofty offer for the Los Angeles-based company began to evaporate after the collapse of the junk bond market, which had been a major source for financing takeovers. Meanwhile, interest by foreign bidders--particularly the Japanese, who had been paying premium prices for hotels--did not materialize.

“I’m not sure we are in the same world these days,” said hotel industry consultant Bruce Baltin. “Reality has struck.”

When Hilton announced that it was looking for a buyer last August, the company’s stock was trading at about $110 a share. Since then, however, the stock price has sunk as low as the $50 range.

On Wednesday, Hilton stock on the New York Stock Exchange closed at $61 a share, down $5.375.

Hilton’s announcement to remain independent came on same day that it rejected two proposals to acquire the 270-hotel chain, which includes such world-class properties as the Waldorf Astoria in New York and four Nevada casinos.

Bidders have reportedly included JMB Realty Corp. of Chicago, Los Angeles billionaire Marvin Davis and a group that included financier Alfred A. Checchi and former executives of Marriott Corp., a major Hilton competitor. Checchi recently concluded a successful takeover of the parent of Northwest Airlines.

“At the time we began the exploration process, the world economy, the market for acquisition financing and the investment climate for real estate and hotels were each far stronger than they are today,” said Barron Hilton, company chairman and son of founder Conrad Hilton, in a statement. “The significant adverse developments in each of these areas were reflected in the acquisition proposals we received.”

Analysts had speculated that one reason that the hotel chain was looking for a buyer was that Barron Hilton was unhappy with the stock price. Last May, Barron Hilton gained voting control over 34% of the company’s shares that were previously held by his father’s estate.

Despite failing to find a buyer, Hilton’s prospects remain bright, industry analysts say. The company, the hotels of which are mostly operated and owned by franchisees, is expanding internationally under the Conrad Hilton name. The chain owns about a dozen hotels outright, including the Waldorf-Astoria in New York and the Palmer House in Chicago, and interest in several others.

Hilton is also boosting investment in its casino properties, which have accounted for 53% of operating profits in 1988. The chain, which operates the Las Vegas Hilton, Flamingo Hilton and the Reno Hilton, recently opened up a new hotel-casino in Laughlin, Nev., that is expected to begin posting profits immediately.

“It’s got a lot of well-located properties in metropolitan areas, a strong presence and reputation in the gaming industry and a strong name,” said Baltin.

“I think they have done a considerable amount of updating, particularly in the last five years,” said David Brudney, a hotel consultant based in Palos Verdes. “I’m impressed with Hilton and 10 years ago I wasn’t.’