Hilton International Exits Hotel in Taipei

Hilton International Co. (Hilton International) will end its management of the Hilton Taipei owned by Kuo Yu Development Corporation (Kuo Yu) from January 1, 2003 under a mutual agreement announced last month.

Hilton Taipei has been operated by Hilton International on behalf of Kuo Yu since 1973. The decision to end the management agreement after almost 30 years is an arrangement both parties agreed would be in the best interests of each company.

Kuo Yu Development Corporation said it appreciated Hilton International's assistance and cooperation over the past thirty years. Hilton International's management has helped Kuo Yu achieve excellent results in Taipei during that time. Although both parties will now pursue their own future goals and direction, as a result of their excellent working relationship in the past, Kuo Yu hope that they will have other opportunities to work with Hilton in the future.