A Documentary Film by Camilo Silva

1946 :: Ambassador Hotel is up for sale – The Schine family prevails

Posted by on Feb 10, 2013 in 1940's, Ambassador Blog | 0 comments

The Ambassador was also the object of a skirmish between two hotel tycoons, Conrad N. Hilton from Chicago and Ben Swig from San Francisco. Hilton had offered to buy the hotel for more than $6 million in 1946, a price that included $4.2 million for paying off the bondholders. Hilton even put down $582,000 as a good-faith deposit, but the offer was rejected by hotel stockholders. Swig, who owned the St. Francis and Fairmont Hotel, claimed that he had topped Hilton’s bid by a “substantial” amount, but he wouldn’t say by how much because he did not want to be party to

a bidding war. “If the stockholders don’t like the bid I’ve entered already, they know what they can do,” the San Francisco hotelier said, without further explanation. In the end, neither Swig nor Hilton prevailed. Later that year, J. Myer Schine gained control of the hotel by acquiring a majority of its common stock for $1.6 million. The Schine era has lasted 40 years, during which time there were repeated attempts to develop the property. But all have fallen through. Source @ http://articles.latimes.com/1986-05-18/business/fi-21071_1_ambassador-hotel/3

Pin It on Pinterest

Share This