Chronicle No. 5 · Lessons

Conrad Hilton's Great Depression Gamble

In 1931, when hotels everywhere were failing, Hilton bought more.

In 1931, during the Great Depression, many hotels failed.

Conrad Hilton refused to give up.

Instead of selling his hotels, he did the opposite — he bought more distressed properties at low prices, betting on a future almost no one else could see.

When the economy recovered, Hilton became one of the world's largest hotel companies.

Lesson: Great businesses are often built during difficult times.