HOTELS: A Giant -- & Still Growing

At Thompson's Spa, Inc. (established 1882) in Boston, things seldom change. The original Washington Street restaurant has never moved from its site in a dingy brick building opposite the equally venerable Boston Globe. Many a staid Bostonian (like onetime customer Calvin Coolidge) has eaten his fish chowder and apple pie a»; che same counter for 30 years, served every day by the same waitress.

Last week conservative old Thompson's got a new owner, the young, fast-growing Sheraton Corp., owner of a $22 million hotel chain. Sheraton paid $1,000,000 for a controlling interest (51%) in...

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