Acesite (Phils.) Hotel Corporation (DHC) was originally incorporated as Delbros Hotel Corporation on October 10, 1952. DHC had been in the hotel business since March 15, 1968, operating the Manila Pavilion Hotel. At that time, the Hilton International Company provided for the management of its hotel property located at the corner of UN Avenue and Maria Y. Orosa Street. The Holiday Inn (Philippines), Inc. took over the management of the hotel in January 1995, and took charge of the operations until February 28, 2003. In 2004, Waterfront Philippines, Inc. established its ownership and majority control over DHC. The Manila Pavilion Hotel thus became part of WPI's chain of hotel facilities, complementing the Waterfront hotels in Cebu City, Mactan and Davao. Aside from hotel operations, business activities of DHC include restaurant operations. The company's subsidiaries consist of Pavilion Leisure and Entertainment Corporation and Pavilion Enterprises Corporation, both of which have not yet started commercial operations at the present time. Source: SEC Form 17-A (2008)