HOTELS: An Intelligent Deal

Last month, fast-stepping hotelman Conrad Hilton was buttonholed by the Puerto Rico Development Co., a government-backed organization. The Puerto Ricans wanted Connie Hilton to run a new beach hotel in tropical San Juan. Hilton was flattered, but wanted "an intelligent deal." Last week he had it.

The deal calls for the Development Co. to spend about $3 million building and furnishing a lavish ten-story, 300-room hotel, all air-conditioned. When it opens (tentative date: mid-1948), Hilton will take over. All he has to put up is enough cash to buy linen, dishes, pay and train the staff, cover operating expenses. In return,...

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