Hilton Worldwide CEO Chris Nassetta.
In a recent interview, Hilton's Chief Executive Officer (CEO) Chris Nassetta revealed that purchasing a Porsche was his worst financial decision ever. The president and CEO of hospitality corporation Hilton, told CNBC that he bought a Porsche in his twenties while going through a break-up.
He spotted the black Porsche 944 model in a used car lot near his Virginia home. Mr Nassetta paid $20,000 (Rs 16.5 lakh) for the car and took a loan to cover the rest of the cost. He also got a third party to verify that the car and the deal was "legitimate." He told the outlet, "It nearly broke me. I spent all my money on that stupid car."
He said that the Porsche was "riddled with problems I couldn't afford." At the time, his annual income was only $17,000 (Rs 14 lakh). His expenses quickly increased to an additional $2,000 and the car's issues only grew worse after that.
Mr Nassetta sold his car 18 months after purchasing it, claiming it was his biggest financial mistake and the last sports car he'll ever own, according to the outlet.
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The CNBC report further said that he bought a more practical vehicle, a Lexus sedan, in 2007, not long after accepting the top position at Hilton. The vehicle has been with him for nearly 16 years and has become a family favourite.
Mr Nassetta also purchased a second vehicle out of sentimental value. He had long desired to purchase a 1969 Ford Bronco. However, he had to repair the car because it was in such poor condition. The CEO told the outlet, "We repaired every little piece of it. What I've learned being at Hilton is I like building and I like projects. So doing that gave me great joy."