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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):
April 30, 1999
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 April 30, 1999, Promus Hotel Corporation issued the press release
attached to this 8-K as Exhibit 99.1.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated April 30, 1999
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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/ J. Kendall Huber
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J. KENDALL HUBER
Executive Vice President, General
Counsel and Secretary
Date: May 3, 1999
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated April 30, 1999
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Exhibit 99.1
[PROMUS HOTEL LOGO]
April 30, 1999
FOR IMMEDIATE RELEASE http://www.promus.com
Contact: Gregg Swearingen, Vice President, Investor Relations
(901) 374-5468
PROMUS HOTEL CORPORATION BOARD AUTHORIZES ADDITIONAL SHARE REPURCHASE
MEMPHIS, TENN. - APRIL 30, 1999 -- 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,
2000. The company currently has 82.9 million shares outstanding.
"The continuation of our share repurchase program reflects our
confidence in Promus and its prospects," said Norman P. Blake, Jr., the
company's chairman, president and chief executive officer. "This program
increases our return on equity while enabling Promus to accumulate common shares
for future acquisitions and other general corporate purposes."
Today's authorization is in addition to a $200 million share repurchase
program authorized by Promus' board of directors in August 1998. To date, Promus
has repurchased approximately 5 million shares at a total cost of $166.4 million
under the August 1998 authorization.
Promus Hotel Corporation is the franchisor/operator of the Doubletree
Hotels, Doubletree Guest Suites, Embassy Suites, Hampton Inn, Homewood Suites,
Hampton Inn & Suites, Club Hotel by Doubletree, Red Lion, 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. The company operates, franchises or owns hotels throughout the United
States and in Canada, Mexico and Latin America. Promus is headquartered in
Memphis, Tennessee and has approximately 40,000 employees.
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