Murano is a Mexico-based real estate developer and owner of luxury hotels and resorts. The company owns and asset-manages properties including the Andaz and Mondrian hotels in Mexico City and the Hyatt Vivid Grand Island in Cancun. Murano develops real estate and contracts day-to-day hotel operations to third-party brands such as Hyatt and Accor. Room sales, food and beverage services, and all-inclusive resort packages generate revenue. Most revenue is USD-denominated, which Murano states provides a natural hedge against peso-denominated operating costs. The company is currently undergoing a debt restructuring after missing interest payments on its secured notes. As part of this process, Murano is reconfiguring its Cancun development to reduce hotel rooms and add residential condominiums for sale. This shift represents a strategic pivot toward residential development to generate one-time sale proceeds alongside recurring hospitality revenue. Murano's future pipeline includes a second phase of condominiums in Cancun and a multi-use project in Baja featuring a cruise port, marina, and additional resorts, though these projects depend on securing new financing. The company faces ongoing financial pressure as it negotiates with lenders to modify debt terms and transfer assets to satisfy outstanding obligations.