Promus Hotel Corporation
Encyclopedia
Promus Hotel Corporation was a hotel
management and franchise
company based in Memphis
, Tennessee
.
company in Memphis, Tennessee
. By 1974 Holiday Inn had diversified into several businesses that included a meat processing company, furniture processing, and a bus line. In 1974 Holiday Inn began to refocus on its core business and sell off most of these non-core businesses. In 1990 Holiday Inn spun off the Promus Companies and then in 1995 the Promus Companies spun off Promus Hotel Corporation.
On December 19, 1997, Doubletree Corporation
and Promus completed a merger and Promus became a listed stock on the New York Stock Exchange
.
Promus was then sold to Hilton Hotels Corporation
for $3.7 billion in 1999 forming the Hilton Focused Service Group.
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
management and franchise
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
company based in Memphis
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
.
History
Promus Hotel Corporation's beginnings are tied to the original Holiday InnHoliday Inn
Holiday Inn is a brand of hotels, formally a economy motel chain, forming part of the British InterContinental Hotels Group . It is one of the world's largest hotel chains with 238,440 bedrooms and 1,301 hotels globally. There are currently 5 hotels in the pipeline...
company in Memphis, Tennessee
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
. By 1974 Holiday Inn had diversified into several businesses that included a meat processing company, furniture processing, and a bus line. In 1974 Holiday Inn began to refocus on its core business and sell off most of these non-core businesses. In 1990 Holiday Inn spun off the Promus Companies and then in 1995 the Promus Companies spun off Promus Hotel Corporation.
On December 19, 1997, Doubletree Corporation
Doubletree
.Doubletree by Hilton is a worldwide brand of upscale, full-service hotels and resorts trademarked by Hilton Worldwide. There are currently more than 220 locations with 55,000 rooms worldwide in the United States, Canada, Costa Rica, Peru, China, United Kingdom, Italy, Slovakia, Tanzania, Norway...
and Promus completed a merger and Promus became a listed stock on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
Promus was then sold to Hilton Hotels Corporation
Hilton Hotels Corporation
Hilton Worldwide is a global hospitality company. It is owned by the Blackstone Group, a private equity firm. As of July 2011 Hilton brands encompass 3,750 hotels with over 600,000 rooms in 84 countries...
for $3.7 billion in 1999 forming the Hilton Focused Service Group.
Brands
- DoubletreeDoubletree.Doubletree by Hilton is a worldwide brand of upscale, full-service hotels and resorts trademarked by Hilton Worldwide. There are currently more than 220 locations with 55,000 rooms worldwide in the United States, Canada, Costa Rica, Peru, China, United Kingdom, Italy, Slovakia, Tanzania, Norway...
- Embassy Suites
- Hampton InnHampton Inn'Hampton Hotels, Hampton Inn, Hampton Inn & Suites, and Hampton by Hilton are the names of a brand of hotels trademarked by Hilton Worldwide. Most Hampton hotels are independently owned and operated by franchisees, though a few are owned and/or managed by the Hilton Hotels Corporation...
- Homewood SuitesHomewood Suites by HiltonHomewood Suites by Hilton is an American chain of all-suite residential-style hotels managed by the Hilton Worldwide. As of April 2011, the chain consists of 306 hotels and another 75 under development...