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Arjun Mehta opens Pearl Dubai, a 220-room oceanfront hotel built on the principle that luxury should feel like generosity, not performance. First-year occupancy: 94%.

Pearl Marrakech opens — a restored 19th-century riad. The first property outside the UAE. Forbes calls it "the most thoughtful hotel in North Africa."

Pearl Santorini opens in Oia. Only 32 suites. Wait list within 6 months. Condé Nast Traveler names it Best New Hotel in Europe.

Pearl Kyoto opens — the first international luxury ryokan. Chef Takeda's Hikari restaurant earns 2 Michelin stars within 18 months.

Pearl Maldives opens. First luxury resort in the Baa Atoll to achieve carbon-neutral certification. Underwater restaurant Below becomes the most-requested reservation in the Maldives.

Pearl Circle loyalty program launches. 10,000 members in the first quarter. Black Pearl tier introduced — by invitation only.

Pearl Patagonia opens at the base of Torres del Paine. 18 rooms. No TV. First Pearl property powered entirely by renewable energy.

Pearl Amalfi and Pearl Cape Town open in the same month. Arjun Mehta steps from CEO to Chairman. Sofia Lindström, previously MD of Pearl Europe, becomes CEO.

Pearl Rajasthan opens — the palace restoration took 4 years. Pearl Tulum opens 3 months later. Portfolio reaches 10 properties.

Pearl Group named Leading Independent Hotel Group by World Travel Awards for the third consecutive year. Pearl Circle reaches 85,000 members globally.