This is a Hilton Hotels Corporation Annual Report for the year 2002. One of the world?s most spectacular resorts, the Hilton Waikoloa Village is a tropical paradise in Hilton?s collection of world-class hotel properties. At the end of 2002, Hilton had total debt of approximately $4.2 billion (net of $325 million of debt allocated to Park Place Entertainment; in 2002, as scheduled, Park Place repaid by the end of 2003, company will have in place a common technology platform linking together all of brands, and virtually all of 2,100 hotels, through the same system and the same software. the report also discusses the company future plan in the industry to remain competitive.