Hilton Hotels to Buy Back Stock: The...
From Times Staff and Wire Reports
Hilton Hotels to Buy Back Stock: The Beverly Hills-based corporation said it plans to buy back up to 6 million of its 48.1 million common shares. The stock, which traded as high as $84 earlier this year but closed at $30.25 a share Friday, has fallen sharply since efforts to sell the firm were dropped last March. Hilton Vice President Roy Judge said the company is concerned because occupancy is “essentially flat” and there is talk of recession. The hotel chain is also a major casino operator in Las Vegas.
