Stock Information

ACE | ACESITE (PHILS.) HOTEL CORPORATION

Sector: SERVICES | Sub-Sector: HOTEL & LEISURE

Acesite (Phils.) Hotel Corporation (ACE) was originally incorporated as Delbros Hotel Corporation on October 10, 1952. ACE had been in the hotel business since March 15, 1968. The Holiday Inn (Philippines), Inc. took over the management of the hotel in January 1, 1995, and took charge of the operations until February 28, 2003.

In 2004, Waterfront Philippines, Inc. (WPI) established its ownership and majority control over ACE. The Waterfront Manila Hotel and Casino (then Manila Pavilion Hotel) thus became part of WPI's chain of hotel facilities, complementing the Waterfront hotels in Cebu City, Mactan and Davao. The Company continues to operate the Manila Pavilion's hotel and restaurant operations.

ACE acquired 100% interest of Acesite Realty, Inc. (ARI), formerly known as CIMA Realty Phils., Inc., a former subsidiary of Acesite Limited (BVI) in October 2011. In July of the same year, the Company and ARI executed a memorandum of agreement which effectively settled all pending cases and controversies between the two parties. In fulfillment of all the terms and conditions of the agreement, ARI s stockholders including all their nominees, agreed to assign, sell, transfer and convey all existing shares of stocks of ARI to the Company. ARI owns the land on which the Waterfront Manila Hotel and Casino is situated.

Source: SEC Form 17-A (2024)