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President William Rogers and Jerry Highsmith discuss 'QUEST' at the kick off luncheon. Photo by H.
Hobbs.
Guilford Col
lege Friday, March 15, launched
a $7,850,000 capital campaign, the
largest in the College's 148-year
history, in special ceremonies at
a kick off luncheon on campus.
Titled "QUEST: A Ses
quicentennial Commitment for
Guilford College," the fund drive
is the first comprehensive cam
paign since 1941. Planned as a
multi-year effort, it coincides
with celebration of the College's
150 th anniversary in 1987.
The QUEST campaign goal in
cludes $3,550,000 to increase
Guilford's endowment, with
$2,100,000 going to student aid and
faculty support. The other
$1,450,000 in endowment funds
would go for library collections,
Guilford Nearly Secures London Hotel
By Becky Gunn
On February 15, 1985 at 10 AM,
members of the board of
Trustees, members of Elon Col
lege's administration, President
Rogers, and other Guilford ad
ministration, gathered in the
Gallery for an information ses
sion concerning purchase of The
Hyde Park West Hotel in London,
England.
Mr. Peter Lowy and Mr. Brian
Levey, owners of the Vienna
Group of Hotels, which is the
agency Guilford has used to find
accomodations for students on
the London semester, were at the
meeting to answer any questions
Elon or Guilford had about the
joint purchase of part ownership
the Colleges were considering.
The Hyde Park West Hotel in
London was up for sale and had
been offered to Lowy and Levey,
who in turn thought Guilford
(who has had students room
there this past Fall) might
benefit from becoming part
QUEST campaign underway
physical plani maintenance, the
Friends Center and unrestricted
endowment.
Capital improvements in the
QUEST budget include $3,400,000
to double the size of the library,
relieving overcrowded shelves
and severely restricted study
space.
North Carolina Secretary of
Commerce and 1957 Guilford Col
lege graduate and board of
trustees via chairman, Howard
H. Ha worth, national chairman
of the QUEST campaign, presid
ed at the campaign kick off,
which was attended by College
trustees, alumni, faculty,
students, administration and
friends.
owners. Students would be
guaranteed housing and Guilford
could use the hotel as it wished
between the months of
September and February. Lowy
and Levey would use the hotel
during the tourist season from
March until September.
Elon College, too, became in
terested in the proposal and it
was worked out that Guilford and
Elon could each pruchase a 25%
interest in the Hotel, and Lowy's
agency would buy 50%.
This information session was
only one of many conferences
held to discuss the Hotel, but it
gave the Trustees a chance to ex
press concerns about this
business venture. One of the big
gest concerns raised was the lack
of knowledge Guilford had as to
the real value of the building.
Guilford wanted to hire so
meone to do an appraisal, but
Lowy expressed that that would
be a waste of money, for it is not
really done in England and Lowy
himself could assure Guilford
Guilford College, Greensboro, N.C. 27410
"I'm enthusiastic about what
this capital campaign will mean
to the College," Haworth said.
"Guilford is on the threshold of
becoming one of the nation's
foremost institutions of higher
education."
"With the wholehearted sup
port of its alumni and friends, the
College can strengthen its com
petitive position in student
recruitment and demonstrate
more fully the positive aspects of
a Guilford education."
"Guilford College is particular
ly turning to QUEST for $500,000
in unrestricted endowment," said
James C. Newlin, the College's
director of finance and develop
ment.
and Elon that the hotel was in
good condition. When asked what
kind of maintenance im
provements would need tc be
made right away, Lowy sug
gested possibly just some
carpeting and new beds. Lowy
also explained that for the past
ten years there has been a law
that no more hotels can be built in
London, which means that the
price of hotels has been soaring.
Considering such, Lowy pointed
out that the 1.6 million pounds (2
million dollars) price tag was
very reasonable.
John Mitchel, Vice-President of
Business Affairs at Elon College,
then brought up his concern of
one party being boxed into having
to buy another partner's share if
that partner wanted to back out.
Lowy and Levey felt that there
should be a minimum period of
time, say three years, once
Guilford and Elon had bought
part ownership, before they could
pull out. This three years would
give some stability to the part
"We have a critical need for
more indirect support of the Col
lege's mission through a larger
endowment for unrestricted pur
poses."
Comparable institutions have
significantly higher endowments,
he explained, and a $500,000 in
crease would be a first step
toward bringing Guilford in line.
"Cushioning tuition increases
with endowment income is essen
tial to the College's goal of keep
ing a Guilford education affor
dable for students from all
economic backgrounds," Presi
dent Rogers added. "It also keeps
the College competitive with
other quality institutions of
higher education."
"I can't emphasize enough how
important I feel this ses
quicentennial campaign is for the
future of Guilford College," con
cluded President Rogers.
While basic maintenance is
ongoing at Guilford, there are
significant renovations needed in
several residence halls to im
prove the quality of life for those
students housed there. In the
QUEST goal, SIOO,OOO is budgeted
for residence halls.
The "tuition gap" between
public and private institutions
continues to pose a problem for
private colleges, regardless of
the quality of their academic pro
grams, President Rogers said.
Increasing the scholarship en
dowment would keep Guilford a
viable alternative for all
qualified students.
The College proposes offering
more assistance for seven par-
nership and a full chance to make
things run smoothly.
After this three years, Levey
explained the three steps they
would follow if a partner decided
to sell: (1) each of the other par
ties would get first option to buy,
(2) if neither partner wanted to
but, a reasonable new partner
would be sought and (3) if
another partner could not be
found or an agreement was not
made among the remaining part
ners, they would have to accept
that the hotel would be sold.
Elon's program begins in
August and ends in January.
Young wanted to swap February
for August, and though Lowy said
that August was their big tourist
month, they could possibly work
something out.
It was also worked out that the
Vienna Group (Lowy's agency)
would take care of hiring
management and staff so that the
same staff would remain year
round.
That was on February 15th.
April 12, 1985
ticular groups: the academically
gifted, foreign students,
minorities, Quakers, students
who wish to take advantage of the
College's study abroad pro
grams, scholar-athletes, as well
as any qualified student with
demonstrated need
"This is an exciting opportuni
ty for the College community to
reaffirm its commitment to the
traditions that have distinguished
this Quaker institution," added
Guilford President William R.
Rogers.
"Our dedication to the in
dividual student, to guiding
students toward a mature
understanding of the world and
their places in it, to excellence in
teaching-these have set our pro
gram apart."
TOT
Goal: $7,850,000
I. Endowment $3,550,000
For Student Aid $1,000,000
For Facutly Support .. $1,100,000
For Library Collections.. $200,000
For Physical Plant
Maintenance $500,000
For the Friends Center . $250,000
For Unrestricted
Purposes $500,000
11. Capital
Improvements $4,050,000
For the Library $3,400,000
For Faculty Support $250,000
For Physical Plant,
Utilities $400,000
111. Campaign Expenses . $250,000
The owner did not have to make a
final decision about selling until
April 2nd, and in the meantime
the value of the dollar in England
had dropped quite a bit, making
Guilford and Elon skeptical of
buying.
At the time of the original
negotiations the pound and the
dollar were almost on an even ex
change; now the pound is up to
1.24. The prospect of the Hyde
Park West purchase grim.
Talking to Jim Newlin on April
2nd, however, he did say that
Lowy's agency was looking at
other possible hotels that would
be worth Guilford and Eton's con
sideration. I think both Colleges
feel such an investment is advan
tageous. The security of knowing
students have housing, and the
fact that such an investment will
probably save both colleges
money in the long run, plus the
extra benefits of owning part of a
hotel in London will probably
keep Guilford and Elon looking at
hotels that go up for sale.