The directors present the strategic report for the year ended 31 December 2025.

London’s luxury hospitality market remained resilient in 2025, although rate growth moderated and profit conversion was affected by payroll, utilities, insurance, supplier pricing and regulatory costs. The Hari Hotel London therefore focused on protecting premium positioning, strengthening revenue quality and improving operating efficiency.

Trading remained competitive, reinforcing the importance of rate integrity, higher-yielding demand, direct booking growth and disciplined channel mix.

Against this backdrop, the hotel’s strategy centred on mix management, brand-led differentiation, repeat and corporate account production, and maximising peak-period revenue.

This approach enabled the company to continue demonstrating strong market-share performance relative to its competitive set, supported by STR benchmarking, established brand positioning and its personalised service proposition.

Financial and operational performance improved in 2025, with total revenue increasing by £180k to £11.9m, supported by rooms revenue growth to £10.1m from £9.7m. Occupancy increased to 77.2% from 75.0%, ADR improved to £420 from £419, and RevPAR rose to £324 from £313.

While F&B revenue declined year on year, in line with softer F&B trading conditions during the year, this remains a key focus area for revenue growth and margin improvement. Management will seek to improve F&B performance through menu optimisation, targeted in-house guest and local-market initiatives, cost control and increased capture of guest spend.

GOP increased to £2.7m from £2.4m, demonstrating stronger operating leverage, while payroll cost ratio improved to 43.4% from 44.0%, reflecting disciplined labour deployment and productivity gains.

Operational priorities remained focused on revenue quality, margin protection, guest experience and long-term asset value. Key actions included disciplined pricing, targeted sales activity, direct-channel optimisation, procurement control and continued investment in personalised service, local experiences, wellness initiatives and sustainability-led operating practices.

Looking ahead to 2026, management will continue to strengthen The Hari Hotel London’s brand position across domestic, corporate and international markets. The company’s product, service culture and personalised guest experience remain aligned with market demand, while continued investment in technology, partnerships and operational efficiency is expected to support sustainable growth.

The management of the business and the execution of the company's strategy are subject to a number of risks. The main risks are:

Events adversely impacting international travel

The levels of occupancy and room rates can be adversely impacted by any events that may disrupt international travel. The company has contingency plans and promotions to increase demand from domestic travellers.

Economic developments

Any major economic or political changes in the geographical areas from which the company attracts business would put pressure on occupancy and room rates. The company is working towards attracting guests from a more diversified geographical spread.

Increased competition

Due to London's popularity as a tourist destination, the number of new hotels have increased in recent years. Any rapid increase in supply would adversely affect the room rates that can be charged. The hotel tries to distinguish itself by the quality of service it provides.

To monitor the risks detailed above, the company uses various KPIs like Occupancy, Average room rate, Revenue per available room and Online travel agents share of bookings. Additionally the directors also monitor STR Reporting to gauge performance and also review Market Metrix (wherein guests allocate scores for various elements of their stay) as well as TripAdvisor Index which rates hotels within the same category.

The company recognises the need to remain competitive in the high-end hospitality sector. The company will therefore continue to maintain cost control and monitor and anticipate market trends.

Going concern

The company has made a profit before tax for the year of £871,946. At the balance sheet date the company has net current liabilities of £6,870,217.

The company is expected to retain a positive EBITDA in the ensuing accounting period and the directors have reviewed the company’s forecasts and budgets that cover a period of not less than twelve months from the date of approving the financial statements, including measures to control the cost base, to conclude that they have reasonable expectations that the company will have sufficient working capital to fund its operations and meet its financial obligations as they fall due.

The parent company, Hotel Holdings (BVI) Limited, has also confirmed their commitment to continue supporting the company for the next 12 months from the date of approving these financial statements.

On the basis of the above assessment, the directors consider it appropriate to prepare the financial statements on a going concern basis.

The company's financial instruments comprise of cash and bank balances, trade debtors, trade creditors and balances owed/ owing to group companies.

The company monitors its liquid resources and debtors closely to ensure adequate funding is available to finance its operations.

Credit risk

Exposure to credit risk is monitored regularly with credit checks performed on all clients requiring credit over certain limits. Payment is primarily by means of debit and credit cards so credit risk is considered low.

Liquidity risk

The company finances its operations from operating cash flows and funding from other group companies as and when required. The directors do not consider liquidity risk to be high.

Interest rate and foreign currency risk

The company monitors its interest-bearing borrowings as well as its exposure to foreign exchange which is minimal.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the operation of The Hari Hotel, London.

Strategic report

The group has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the Directors' Report.

Review of the business, including future developments;

Financial risk management objective; and

Indication of exposure to liquidity and cash flow risk.

The total profit after tax for the year ended 31 December 2025 was £1,245k (2024: loss after tax of £362k).

No ordinary dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Harilela Hotels (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Harilela Hotels (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is . It's principal place of business is at 20 Chesham Place, Belgravia, London SW1X 8HQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has made a trueprofit before tax for the year of £871,946. At the balance sheet date the company has net current liabilities of £6,870,217.

The company is expected to retain a positive EBITDA in the ensuing accounting period and the directors have reviewed the company’s forecasts and budgets that cover a period of not less than twelve months from the date of approving the financial statements, including measures to control the cost base, to conclude that they have reasonable expectations that the company will have sufficient working capital to fund its operations and meet its financial obligations as they fall due.

The parent company, Hotel Holdings (BVI) Limited, has also confirmed their commitment to continue supporting the company for the next 12 months from the date of approving these financial statements.

On the basis of the above assessment, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover represents net invoiced sales of goods and services, excluding value added tax. Income from guests is recognised at the point at which the hotel accommodation and related services are provided. Income from space rental is recognised on a straight line basis over the term of the lease agreements. Income from non-guests for food and beverages is recognised when the food and beverage are provided.

Tangible fixed assets are recorded at cost less depreciation and impairment in value.

The tangible fixed assets are depreciated on a straight line basis to write off the cost over their estimated useful life of 4 to 8 years. The effect of the changes in accounting estimates is set out in Note 10.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial instruments, like trade and other debtors and creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at market rate of interest. They are subsequently recognised at amortised cost using the effective interest rate method.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The directors salaries are borne by the group companies this year and in the prior year.

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The company has a loan with its parent company, however it does not have any external loans or overdraft.

During the year, the company entered into an interest waiver in respect of an intercompany loan with Hotel Holdings (BVI) Limited, the ultimate parent company. The loan had previously accrued interest at a market rate based on the group cost of borrowing. This historically accrued interest has been written back to the profit and loss this year due to the commercial nature of the arrangement.

Following the waiver, the loan is now interest-free and is contractually repayable in 2028. As a result of the modification of terms, the loan has been recognised at present value of future payments discounted at market rate of interest on initial recognition and is subsequently measured at amortised cost. The difference between the nominal principal and the present value at inception has been recognised as a deemed capital contribution. At the balance sheet date, the loan is presented as a creditor due in more than 1 year.

Its fellow group member, Harilela Hotels (Jersey) Limited, has loans and overdraft that are secured by a first legal charge over its property and a fixed and floating charge over its assets and the assets of Harilela Hotels (UK) Limited to whom the hotel is leased.

The following is the sole deferred tax asset recognised by the company and movements thereon:

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments in respect of the hotel lease, which fall due as follows:

At the year end £9,589 (2024: £16,031) was due to the directors from the company. The balances are repayable on demand, unsecured and interest free.

The company leases the land, buildings and plant and equipment relating to the property at 20 Chesham Place from Harilela Hotels (Jersey) Limited, a fellow group member; the rent payable for the year ended 31 December 2025 amounted to £1,822,142 (2024: £1,762,226). Additionally, Harilela Hotels (Jersey) Limited was charged £373,068 for group relief.

At 31 December 2025, the company owed £3,174,251 (2024: £3,139,965) to Harilela Hotels (Jersey) Limited. Harilela Hotels (Jersey) Limited's bankers have a debenture over the fixed and floating assets of the company.

At 31 December 2025, the company owed £297,598 (2024: £297,889) to The Hari Hotel Ltd.

At 31 December 2025, the company owed £6,008,076 (2024: £8,406,760) to Hotel Holdings (BVI). During the year, a loan interest waiver was entered into and historically accrued interest of £795,189 has been written back to the profit and loss.

The company is a subsidiary undertaking of Hotel Holdings (BVI) Limited, a company incorporated in the British Virgin Islands. The directors regard Hotel Holdings (BVI) Limited to be the ultimate parent company of Harilela Hotels (UK) Limited. The accounts of Hotel Holdings (BVI) Limited are not available to the public.