Business & Finance: Gigolos

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Eight young Latin-American males with hair, skin and manners smooth as oil are currently to be seen at the Ambassador Hotel in Hollywood. Not only are they to be seen but they may be addressed, touched, played with, danced with by lonely female guests of the Ambassador. They are gigolos, frankly hired by the hotel to stimulate trade, under the com mand of Mrs. Erma Hubbell, the Ambassador's ''social executive."

In Chicago last week, Miss Llewellyn Jones, social executive of the Stevens Hotel ("world's largest") declared that perhaps the Stevens would get some gigolos too. She had talked the matter over "quite seriously" with Hollywood's Mrs. Hubbell.

A shrewd and amusing businessman is Proprietor Ernest L. Byfield of Chicago's Sherman, Ambassador, Ambassador East and Fort Dearborn hotels and the College Inn. No conventional, money-grubbing innkeeper is he but an executive with a highly developed social life, a flair for fun. When he was approached by newshawks last week on the subject of gigolos, he gave out this grave statement:

''We are seriously considering hiring a staff of gigolos for the College Inn this fall. I was talking it over with [young, blonde, beauteous] Mrs. Byfield this morning. They will have to be South Americans surrounded with an aura, of romance—ex-presidents and tall, handsome revolutionary generals preferred.

"South Americans are invariably more appealing to women than Europeans. They dance better, have more social grace, and will, we think, make better gigolos.'