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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 13,1998
PROMUS HOTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-13719 62-1716020
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation or Number)
organization)
755 CROSSOVER LANE
MEMPHIS, TENNESSEE 38117-4900
(Address of principal executive (Zip Code)
offices)
(901) 374-5000
Registrant's telephone number, including area code:
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. Other Events
On August 13, 1998, the Registrant issued the press release attached
hereto as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated August 13, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROMUS HOTEL CORPORATION
/s/ Ralph B. Lake
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Ralph B. Lake
Executive Vice President, General
Counsel and Secretary
Date: August 14, 1998
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated August 13, 1998.
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EXHIBIT 99.1
August 13, 1998
FOR IMMEDIATE RELEASE http://www.promus-hotel.com
Contact: Bill Perocchi, Executive Vice President/Chief Financial Officer
(901) 374-6051
Gregg Swearingen, Vice President, Investor Relations
(901) 374-5468
PROMUS HOTEL CORPORATION BOARD AUTHORIZES SHARE REPURCHASE
MEMPHIS, Tenn. - August 13, 1998 -- Promus Hotel Corporation (NYSE:
PRH) today announced that its board of directors has authorized the company to
repurchase up to $200 million of its common stock for cash. The authorization
allows the company to conduct the repurchase program in the open market, or in
negotiated or block transactions at prevailing market prices until December 31,
1999. The company currently has 87.3 million shares outstanding.
"This program underscores our collective confidence in the future of
Promus," said Raymond E. Schultz, chairman and chief executive officer. "It
gives us the opportunity to enhance return on equity and shareholder value while
accumulating shares for general corporate purposes and future strategic
investments."
Promus Hotel Corporation is one of the world's premier lodging
companies, with system-wide annual revenues of over $5 billion. The company
operates, franchises or owns hotels throughout the United States and in Canada,
Mexico and Latin America. It is the franchisor and operator of the Doubletree
Hotels and Guest Suites, Embassy Suites, Homewood Suites, Club Hotels by
Doubletree, Hampton Inn, Hampton Inn & Suites, Embassy Vacation Resort and
Hampton Vacation Resort brands. The company also manages non-Promus branded
hotels and facilities in its University Hotel & Conference Center division.
