New hotel openings

Regis Maybourne (UK) Ltd becomes the sole owner of Maybourne, the operating company, while the ownership of the hotels remains unchanged. Claridge's, The Maybourne Riviera, and The Maybourne Beverly Hills remain with Regis Maybourne; The Connaught, The Berkeley, The Emory, and the Paris and Marrakech projects remain with Constellation Hotels. Management agreements remain in place for an agreed period.