How will the separation from Accor affect Club Med, both financially and operationally?
Accor remains one of Club Med’s significant shareholders, since it still owns a 6 percent interest in Club Med. Plus, the shareholder agreement that Club Med has with Accor represents 22 percent of shares, which will be locked up for two years, and 26 percent of voting rights. Accor will continue to take part in deciding Club Med’s present strategy and management. The agreement will be in place for three years, with the option to renew. Accor remains a large shareholder and the agreement that I signed with them will continue the same synergies between the two companies, as they were previously. There is no direct financial change as a result of this. Could you talk about Club Med Cancun, which was damaged last year by Katrina? We will reopen Club Med Cancun next November. When we do, it will represent a U.S. $25 million investment. We are completely renovating that property and we’re also adding our boutique suite concept, in line with Le Riad, the high-end property that we opened abou
