Today's Hotelier - October 2016 - 46

Living legends: Wisdom from industry trailblazers w Don't underestimate the power of leadership. BOLLENBACH'S TAKEAWAYS 4 6  | OCTOBER 2016 | TODAYSHOTELIER.COM PHOTO: TIMEWARNER.COM. hen Stephen Bollenbach was president of the Hilton Hotels Corporation, he often would make $1 bets with other company executives about the price of Hilton's stock. He would stuff the dollar bills representing those wagers into the frame of a picture - of him and Barron Hilton, the company chairman. His outsized success over the years created gargantuan expectations about what could be done in the hotel industry. During his long career, he was recognized as one of the world's leading authorities on the hospitality and gaming industries, financial affairs and transactions. The son of a milkman, he grew up in Southern California and got his start in business working for legendary business figure Daniel K. Ludwig. He credits Ludwig for much of his business and financial acumen. That knowledge and skills were acquired while he held a series of financial and management positions with the Ludwig Group, including vice president of finance and assistant to the COO between 1968 to 1980. His work for a variety of hotel companies helped prepare him to work for Barron Hilton, the hotel company's chairman and biggest stockholder and the son of the company founder, Conrad Hilton. He was named president and CEO of Hilton Hotels Corporation in February 1996 after serving as senior executive vice president and CFO for The Walt Disney Company, where he was instrumental in Disney's $19 billion acquisition of ABC/Capital Cities. Prior to joining Disney, Bollenbach was president and CEO of Host Marriott Corporation. From 1990 to 1992, he was also CFO of the Trump Organization, where he is credited with helping rescue Donald Trump from some sticky financial problems. Bollenbach served as a director of Hilton Hotels Corporation and chairman of Park Place Entertainment Corporation until his retirement. As his dollar bets on stock prices indicates, Bollenbach has always been interested in winning, but winning at the long game. Like pro baseball player, Bollenbach has frequently said he is not out to hit home runs, just to win ball games. "My approach isn't trying to measure success by the number of transactions,'' he said. "It's kind of a lousy measure. The shareholders are interested in value for the company.'' - Stephen Bollenbach Doing an acquisition is often quite easy, according to Bollenbach. "The hard thing is making sure you don't overpay, and the second hard thing is managing what you bought.'' He is skilled at finding synergies between organizations as he did when he shepherded the merger of Disney with Capital Cities, the parent company of ABC. He said at the time that "the stars had aligned" in terms of capital markets, interest rates and regulation. It was a deal that many said couldn't be done - until he did it. Some of the strategies that have made Bollenbach a success are: One of the keys to success when it comes to expanding by acquiring other * Know all the factors that can make a deal work. companies is the quality of its leadership. * Understand the strengths of a com‑ "One of the key elements we looked at when we thought about this pany, especially its management. merger acquisition [of Capital Cities] was the management," he said in an * Play to create long‑term value not just interview. [Disney chair] Michael Eisner worked there for 10 years and knew big headline‑making deals. the management." http://www.TIMEWARNER.COM http://www.TODAYSHOTELIER.COM

Table of Contents for the Digital Edition of Today's Hotelier - October 2016

Letter From the Chairman
Letter From the President & CEO
News Bytes
AAHOA Spotlight
Best Western’s New Frontier
Government Affairs
The Uneven Playing Field: Hotels & Airbnb
Finding Opportunity in the Old
Development & Renovation
Living Legends: Wisdom From Industry Trailblazers
Finance Q&A
The Latest Tech Tools for Hospitality
Guest Experience
AAHOA Events
AAHOA Founding Members
AAHOA Vendor Partners
Classifieds
Advertiser Index
Today's Hotelier - October 2016 - cover1
Today's Hotelier - October 2016 - cover2
Today's Hotelier - October 2016 - 3
Today's Hotelier - October 2016 - 4
Today's Hotelier - October 2016 - 5
Today's Hotelier - October 2016 - 6
Today's Hotelier - October 2016 - 7
Today's Hotelier - October 2016 - Letter From the Chairman
Today's Hotelier - October 2016 - 9
Today's Hotelier - October 2016 - Letter From the President & CEO
Today's Hotelier - October 2016 - 11
Today's Hotelier - October 2016 - News Bytes
Today's Hotelier - October 2016 - 13
Today's Hotelier - October 2016 - AAHOA Spotlight
Today's Hotelier - October 2016 - 15
Today's Hotelier - October 2016 - 16
Today's Hotelier - October 2016 - 17
Today's Hotelier - October 2016 - Best Western’s New Frontier
Today's Hotelier - October 2016 - 19
Today's Hotelier - October 2016 - 20
Today's Hotelier - October 2016 - 21
Today's Hotelier - October 2016 - 22
Today's Hotelier - October 2016 - 23
Today's Hotelier - October 2016 - Government Affairs
Today's Hotelier - October 2016 - 25
Today's Hotelier - October 2016 - 26
Today's Hotelier - October 2016 - 27
Today's Hotelier - October 2016 - 28
Today's Hotelier - October 2016 - 29
Today's Hotelier - October 2016 - The Uneven Playing Field: Hotels & Airbnb
Today's Hotelier - October 2016 - 31
Today's Hotelier - October 2016 - 32
Today's Hotelier - October 2016 - 33
Today's Hotelier - October 2016 - 34
Today's Hotelier - October 2016 - 35
Today's Hotelier - October 2016 - Development & Renovation
Today's Hotelier - October 2016 - 37
Today's Hotelier - October 2016 - 38
Today's Hotelier - October 2016 - 39
Today's Hotelier - October 2016 - 40
Today's Hotelier - October 2016 - 41
Today's Hotelier - October 2016 - Living Legends: Wisdom From Industry Trailblazers
Today's Hotelier - October 2016 - 43
Today's Hotelier - October 2016 - 44
Today's Hotelier - October 2016 - 45
Today's Hotelier - October 2016 - 46
Today's Hotelier - October 2016 - 47
Today's Hotelier - October 2016 - 48
Today's Hotelier - October 2016 - 49
Today's Hotelier - October 2016 - Finance Q&A
Today's Hotelier - October 2016 - 51
Today's Hotelier - October 2016 - 52
Today's Hotelier - October 2016 - 53
Today's Hotelier - October 2016 - The Latest Tech Tools for Hospitality
Today's Hotelier - October 2016 - 55
Today's Hotelier - October 2016 - 56
Today's Hotelier - October 2016 - 57
Today's Hotelier - October 2016 - Guest Experience
Today's Hotelier - October 2016 - 59
Today's Hotelier - October 2016 - 60
Today's Hotelier - October 2016 - 61
Today's Hotelier - October 2016 - AAHOA Events
Today's Hotelier - October 2016 - 63
Today's Hotelier - October 2016 - AAHOA Founding Members
Today's Hotelier - October 2016 - 65
Today's Hotelier - October 2016 - AAHOA Vendor Partners
Today's Hotelier - October 2016 - 67
Today's Hotelier - October 2016 - 68
Today's Hotelier - October 2016 - 69
Today's Hotelier - October 2016 - 70
Today's Hotelier - October 2016 - 71
Today's Hotelier - October 2016 - 72
Today's Hotelier - October 2016 - 73
Today's Hotelier - October 2016 - 74
Today's Hotelier - October 2016 - 75
Today's Hotelier - October 2016 - 76
Today's Hotelier - October 2016 - Classifieds
Today's Hotelier - October 2016 - 78
Today's Hotelier - October 2016 - 79
Today's Hotelier - October 2016 - 80
Today's Hotelier - October 2016 - 81
Today's Hotelier - October 2016 - 82
Today's Hotelier - October 2016 - 83
Today's Hotelier - October 2016 - 84
Today's Hotelier - October 2016 - 85
Today's Hotelier - October 2016 - Advertiser Index
Today's Hotelier - October 2016 - cover3
Today's Hotelier - October 2016 - cover4
Today's Hotelier - October 2016 - outsert1
Today's Hotelier - October 2016 - outsert2
Today's Hotelier - October 2016 - 91
Today's Hotelier - October 2016 - 92
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