* Hilton Hotels Corporation has again extended its $6.5 billion hostile bid for ITT Sheraton Corporation, marking the third time Hilton has been forced to delay pursuit of its takeover attempt. Meanwhile, a judge rejected Hilton's attempt to force ITT Sheraton to hold its annual shareholders meeting in May. (It is expected that ITT Sheraton will call the meeting for November.)

* Since the bid was first announced in January, ITT Sheraton has been steadily shedding non-core assets to demonstrate a focus on cost-cutting. The company's latest move: slashing more than half its New York headquarters staff--from 200 employees to 75.

* Patriot American Hospitality has acquired Wyndham Hotel Corporation for $1.1 billion in stock, cash, and assumption of debt. Patriot will acquire Wyndham's portfolio of 23 owned or leased hotels, plus management and franchise agreements for Wyndham's 79 managed and franchised properties throughout North America.

* It will also acquire 11 Wyndham-branded hotels from the Trammell Crow family. Patriot's post-merger portfolio will include 107 hotels with 25,000 rooms. Patriot now owns three upscale brands: Wyndham, Carefree Resorts, and Grand Heritage.

* Having sealed its deal to buy Renaissance Hotels & Resorts International for $1 billion, Marriott International announced first-quarter earnings 22 percent higher than the first quarter of 1996. The Renaissance deal added 150 properties, bringing Marriott Lodging's portfolio to 1,366 properties with more than 276,000 rooms. Marriott plans to increase that to 400,000 rooms by 2001.

* Fairmont Hotels recently announced its 25th consecutive quarter of record results, as it continues a major expansion. Its acquisition of The Plaza in New York City and the Fairmont Copley Plaza in Boston brought its total luxury portfolio to seven. The chain is striving to create a "grand hotel" niche, and will continue the theme through the addition of ten more properties by 2000.

* Hyatt Hotels & Resorts announced a $1 billion acquisition and expansion earlier this year, with plans to acquire 20 to 30 upscale hotels and resorts in the U.S., Canada, and the Caribbean over a three-year period.

* Its most recent deals: the purchase of the Grand Hyatt San Francisco, which Hyatt has managed since 1973, and the management and part-ownership of the Hotel Nikko Atlanta, renamed the Grand Hyatt Atlanta. (Hyatt's ownership partner in the Atlanta property is Blackstone Real Estate Partners.)

* Pan Pacific Hotels & Resorts has announced a major expansion in Asia during this year. A total of six new properties will bring Pan Pacific's portfolio up to 22 properties in 13 countries.

* The new hotels are: The Pan Pacific Hotel Yokohama, Japan; Pan Pacific Hotel Manila, Philippines; and the Pan Pacific Sutera Hotel Kota Kinabalu, Pan Pacific Kuala Lumpur International Airport Hotel, Pan Pacific Hotel Malacca, and Pan Pacific Leader Hotel Penang, all in Malaysia.

* New World Hotels International Limited plans a 40 percent expansion in Asia during the next three years, adding new hotels in Hanoi, Vietnam; Bangkok, Thailand; Dalian, Shanghai, and Nanjing, China; and Jakarta, Indonesia.

Hong Kong Tops List of Costly Cities Planning a business trip to Hong Kong? Bring a lot of cash--the Fragrant Harbour just topped Runzheimer International's list of the five most expensive cities for business travelers. New York City is this country's most expensive city, but is no longer among the top ten internationally.

For the study, Runzheimer used per diem totals including breakfast, lunch, and dinner in business-class restaurants and single lodging in business-class hotels in 200 U.S. and 100 international locations. Meals, representing 13 percent of corporate travel budgets, are the third-largest category of spending behind airfare and lodging, according to another report from the Rochester, WI-based Runzheimer--its biennial Survey & Analysis of Business Travel Policies & Costs.

Most Expensive Cities / Least Expensive Cities 1. Hong Kong 1. Hamilton, Ontario

2. Tokyo 2. Monterrey, Mexico

3. Moscow 3. Bordeaux, France

4. Buenos Aires 4. Panama City, Panama

5. Paris 5. Penang, Malaysia

Source: Runzheimer Guide to Daily Travel Prices