Economic Cooperation Administration
On December 19, 1950, Conrad N. Hilton revealed to the "New York Times" that he had recently reached an agreement with the Turkish Government to build a new Hilton hotel in Istanbul with 300 rooms costing US$5 million. The U.S. governmental agency Economic Cooperation Administration (ECA), which administered the Marshall Plan, the post-war aid program for Europe, was the main financier of an investment project totalling US$50 million in the whole of Europe. Hilton would bring up the operation capital and run the hotels while keeping one third of the profits.