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HS was incorporated in Singapore on August 14, 1970, as a
wholly owned subsidiary of HIC for the purpose of holding the
Hyatt Regency Singapore management contract. The first
management agreement for the Hyatt Regency Singapore, dated May
27, 1970, was executed by HIC and contained a financial guaranty
regarding the amount of the hotel owner’s share of the gross
operating profits. HS has been responsible for the operation of
hotels in Malaysia, Indonesia, and Thailand. Although HS is a
subsidiary of HIC, it has always reported to HHK. On the advice
of tax counsel, HS was assigned the Sydney, Australia, Kingsgate
management contract by Hyatt Regency Corp. Pty. Ltd., a wholly
owned subsidiary of HHK.
The Hyatt Regency Acapulco (opened in Mexico in October
1971) was the first hotel outside of Asia managed by the Hyatt
International group. Ken Mullins transferred from the Hyatt
Regency Hong Kong to become the Hyatt Regency Acapulco’s first
general manager. HIC formed a local management company,
Servicios Internacionales Administrativos, S.A. de C.V. (SIASA),
a wholly owned subsidiary of HIC, to manage the hotel. Mullins
was succeeded as the Hyatt Regency Acapulco general manager by
Fred Lederer, and both had been Hilton employees.
On October 24, 1979, the Hyatt International group entered
into a joint venture with Valores Industriales S.A. (VIS),
Mexico’s largest brewer of beer, which already owned and operated
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