----

----

----

| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------------------|

| ☐ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| ☒ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|---------------------------------------------------------------------------------------------|

----

----

| Not applicable                                        | Bailiwick of Jersey                             |
|-------------------------------------------------------|-------------------------------------------------|
| (Translation of Registrant’s name into English) | (Jurisdiction of incorporation or organization) |

| Title of each class                                                                                 |   | Trading Symbol(s) |   | Name of exchange on which registered |
|-----------------------------------------------------------------------------------------------------|--------|-------------------|--------|--------------------------------------|
| Ordinary shares, no par value                                                                       |   | MRNO              |   | The NASDAQ Stock Market LLC          |
| Warrants, each exercisable for one ordinary share at an exercise price of $11.50 per ordinary share |   | MRNOW             |   | The NASDAQ Stock Market LLC          |

----

| Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer   | ☒ |
|-------------------------|---------|-------------------|---------|-------------------------|---------|
|                    |    |              |    |                    |    |
|                    |    |              |    | Emerging growth company | ☒ |

| U.S. GAAP ☐ | International Financial Reporting Standards as issued | ☒ | Other ☐ |
|-------------------|-------------------------------------------------------|---------|---------------|
|              | by the International Accounting Standards Board       |    |          |

----

----

|                                                                |   |   |   |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|
|                                                                |   | Page   |   |
| EXPLANATORY NOTE                                                    |   |   | 1      |   |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS                |   |   | 2      |   |
| PART I                                                              |   |   |   |   |
| Item 1. Identity of Directors, Senior Management and Advisers       |   |   | 4      |   |
| Item 2. Offer Statistics and Expected Timetable                     |   |   | 4      |   |
| Item 3. Key Information                                             |   |   | 4      |   |
| Item 4. Information on the Company                                  |   |   | 5      |   |
| Item 4A. Unresolved Staff Comments                                  |   |   | 6      |   |
| Item 5. Operating and Financial Review and Prospects                |   |   | 7      |   |
| Item 6. Directors, Senior Management and Employees                  |   |   | 7      |   |
| Item 7. Major Shareholders and Related Party Transactions           |   |   | 7      |   |
| Item 8. Financial Information                                       |   |   | 8      |   |
| Item 9. The Offer and Listing                                       |   |   | 9      |   |
| Item 10. Additional Information                                     |   |   | 9      |   |
| Item 11. Quantitative and Qualitative Disclosures About Market Risk |   |   | 11     |   |
| Item 12. Description of Securities Other Than Equity Securities     |   |   | 11     |   |
| PART II                                                             |   |   | 12     |   |
| PART III                                                            |   |   | 13     |   |
| Item 17. Financial Statements                                       |   |   | 13     |   |
| Item 18. Financial Statements                                       |   |   | 13     |   |
| Item 19. Exhibits                                                   |   |   | 13     |   |

----

----

|   | • | the benefits of the Business Combination;                                                                                                                                                         |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                              |
|   | • | our business and financial performance following the Business Combination;                                                                                                                        |
|   |    |                                                                                                                                                                                              |
|   | • | the ability to obtain or maintain the listing of our Ordinary Shares and Warrants on Nasdaq;                                                                                                      |
|   |    |                                                                                                                                                                                              |
|   | • | changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;                                                              |
|   |    |                                                                                                                                                                                              |
|   | • | our ability to successfully develop existing properties under development and to maintain its properties;                                                                                         |
|   |    |                                                                                                                                                                                              |
|   | • | our ability to grow its business in a cost-effective manner and to obtain financing;                                                                                                              |
|   |    |                                                                                                                                                                                              |
|   | • | our property development timeline, budget and expected cost and expenditure;                                                                                                                      |
|   |    |                                                                                                                                                                                              |
|   | • | the implementation, market acceptance and success of our business model;                                                                                                                          |
|   |    |                                                                                                                                                                                              |
|   | • | developments and projections relating to Murano’s competitors and industry;                                                                                                                 |
|   |    |                                                                                                                                                                                              |
|   | • | our approach and goals with respect to the hospitality sector and the evolving demands of its customers;                                                                                          |
|   |    |                                                                                                                                                                                              |
|   | • | the impact of the COVID-19 pandemic on our business and properties, including those under development;                                                                                            |
|   |    |                                                                                                                                                                                              |
|   | • | our compliance with applicable laws and regulations, including ability to obtain and maintain construction licenses and environmental permits, and changes in applicable laws or regulations; and |
|   |    |                                                                                                                                                                                              |
|   | • | the outcome of any known and unknown litigation and governmental or regulatory proceedings.                                                                                                       |

|   | • | the occurrence of any event, change or other circumstances that could delay the Business Combination or give rise to the termination of the Business Combination Agreement; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • | the outcome of any legal proceedings that may be instituted against us or HCM following the closing of the Business Combination;                                                                                                                                                                                      |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the ability to obtain or maintain the listing of our Ordinary Shares on Nasdaq following the Business Combination;                                                                                                                                                                                                    |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that the Business Combination has disrupted our current plans and operations;                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | our ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and our ability to grow and manage growth profitably following the Business Combination;                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | costs related to the Business Combination;                                                                                                                                                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | changes in applicable laws or regulations;                                                                                                                                                                                                                                                                            |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the effects of the COVID-19 pandemic on our business and properties under development;                                                                                                                                                                                                                                |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risks that uncertainty and instability resulting from the conflict between Russia and Ukraine could adversely affect our business, financial condition and operations, in addition to global macroeconomic indications;                                                                                           |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the ability to implement business plans, forecasts, and other expectations following the closing of the Business Combination, and identify and realize additional opportunities;                                                                                                                                      |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate;                                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that we and our current and future collaborators are unable to successfully develop and commercialize our properties, or experience significant delays in doing so;                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that we may never achieve or sustain profitability;                                                                                                                                                                                                                                                          |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that we will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all;                                                                                                                                                                        |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that we experience difficulties in managing its growth, finding and developing new properties, and expanding operations;                                                                                                                                                                                     |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that third-party suppliers, including management companies, are not able to fully and timely meet their obligations;                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the risk that we are unable to secure or protect its intellectual property;                                                                                                                                                                                                                                           |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | the possibility that we or HCM may be adversely affected by other economic, business, and/or competitive factors; and                                                                                                                                                                                                 |
|   |    |                                                                                                                                                                                                                                                                                                                  |
|   | • | other risks and uncertainties described in the proxy statement/prospectus, filed on February 23, 2024, as amended and supplemented by Prospectus Supplement No. 1 filed on March 20, 2024 (together, the “Prospectus”), including those under the            section entitled ”Risk Factors.” |

----

| A. | Directors and Senior Management |
|----|---------------------------------|

| B. | Advisers |
|----|----------|

| C. | Auditors |
|----|----------|

| A. | [Reserved] |
|----|------------|

| B. | Capitalization and Indebtedness |
|----|---------------------------------|

|   |                      | in Mexican pesos                                                                                                      |   |
|--------|---------------------------|-----------------------------------------------------------------------------------------------------------------------|--------|
|   |                      |                                                                                                                  |   |
|   | Cash and cash equivalents |                 32,958,276            |   |
|   | Trade receivables         |                   6,928,278 |   |
|   | Other current assets      |               294,167,721                       |   |
|   | Total current assets      |               334,054,275                       |   |
|   | Total non-current assets  |          19,030,149,482                                                  |   |
|   | Total assets              |          19,364,203,757                                                  |   |

----

|   |                                                      |                                                                                            |   |
|--------|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------|--------|
|   | Total current liabilities                                 |            3,940,346,398                 |   |
|   | Total non-current liabilities                             |            7,013,873,839                 |   |
|   | Total liabilities                                         |          10,954,220,237                            |   |
|   |                                                      |                                                                                            |   |
|   | Equity                                                    |                                                                                            |   |
|   | Common stock                                              |            2,958,456,458                 |   |
|   | Additional paid-in capital                                |               213,585,356 |   |
|   | Accumulated losses                                        |          (3,537,549,796)                           |   |
|   | Accumulated other comprehensive income, net of income tax |            8,775,491,502                 |   |
|   | Total equity                                              |  8,409,983,520                                                                             |   |
|   | Total liabilities and equity                              |          19,364,203,757                            |   |

| C. | Reasons for the Offer and Use of Proceeds |
|----|-------------------------------------------|

| D. | Risk Factors |
|----|--------------|

| A. | History and Development of the Company |
|----|----------------------------------------|

----

| B. | Business Overview |
|----|-------------------|

| C. | Organizational Structure |
|----|--------------------------|

| D. | Property, Plants and Equipment |
|----|--------------------------------|

----

| A. | Directors and Senior Management |
|----|---------------------------------|

| B. | Compensation |
|----|--------------|

| C. | Board Practices |
|----|-----------------|

| D. | Employees |
|----|-----------|

| E. | Share Ownership |
|----|-----------------|

| A. | Major Shareholders |
|----|--------------------|

|   | • | each person, or group of affiliated persons, known by us to beneficially own more than 5% of outstanding ordinary shares; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------|

|  | • | each of our directors; |
|--|---------|------------------------|

|   | • | each of our named executive officers; and |
|--------|---------|-------------------------------------------|

|   | • | all of our directors and executive officers as a group. |
|--------|---------|---------------------------------------------------------|

----

| Beneficial Owners(1)                            | Number ofOrdinary Shares |       |   | Percentage of allOrdinary Shares |   |
|-------------------------------------------------|--------------------------|------------|--------|----------------------------------|--------|
| 5% shareholders:                                |                     |       |   |                             |   |   |   |   |
| Elias Sacal Cababie                             |                     | 69,100,000 |   |                             |   | 87.2% |   |   |
| Shawn Matthews(2)                               |                     | 8,737,500  |   |                             |   | 11.0% |   |   |
| Directors and Executive Officers                |                     |       |   |                             |   |   |   |   |
| Elias Sacal Cababie                             |                     | 69,100,000 |   |                             |   | 87.2% |   |   |
| Marcos Sacal Cohen                              |                     | –    |   |                             |   | * |   |   |
| Shawn Matthews(2)                               |                     | 8,737,500  |   |                             |   | 11.0% |   |   |
| David James Galan                               |                     | –    |   |                             |   | * |   |   |
| Keith Graeme Edelman                            |                     | –    |   |                             |   | * |   |   |
| Joanne Faye Sonin                               |                     | –    |   |                             |   | * |   |   |
| Patrick Joseph Goulding                         |                     | –    |   |                             |   | * |   |   |
| All directors and executive officers as a group |                     | 77,837,500 |   |                             |   | 98.2% |   |   |

| (*) | Less than 1% individually.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise noted, the business address of each of our shareholders is 25 Berkeley Square, London W1J 6HN.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (2) | HCM Investor Holdings, LLC (the “Sponsor”) is the record holder of such shares. Mr. Matthews is the managing member of the Sponsor. As such, each of the Sponsor and Mr. Matthews may be deemed to share beneficial ownership of the ordinary            shares held directly by the Sponsor. Mr. Matthews disclaims any beneficial ownership of the ordinary shares held directly by the Sponsor, and disclaims any beneficial ownership of such shares other than to the extent of any pecuniary interest            he may have therein, directly or indirectly. |

| B. | Related Party Transactions |
|----|----------------------------|

| C. | Interests of Experts and Counsel |
|----|----------------------------------|

| A. | Combined Statements and Other Financial Information |
|----|-----------------------------------------------------|

----

| B. | Significant Changes |
|----|---------------------|

| A. | Offer and Listing Details |
|----|---------------------------|

| B. | PLAN OF DISTRIBUTION |
|----|----------------------|

| C. | Markets |
|----|---------|

| D. | Selling Shareholders |
|----|----------------------|

| E. | Dilution |
|----|----------|

| F. | Expenses of the Issue |
|----|-----------------------|

| A. | Share Capital |
|----|---------------|

----

| B. | Memorandum and Articles of Association |
|----|----------------------------------------|

| C. | Material Contracts |
|----|--------------------|

| D. | Exchange Controls |
|----|-------------------|

| E. | Taxation |
|----|----------|

----

| F. | Dividends and Paying Agents |
|----|-----------------------------|

| G. | Statement by Experts |
|----|----------------------|

| H. | Documents on Display |
|----|----------------------|

| I. | Subsidiary Information |
|----|------------------------|

----

----

----

| No.  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.1  |   | Memorandum and Articles of Association†                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 2.1  |   | Private Placement Warrants Purchase Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and the Underwriter (incorporated by reference to Exhibit 10.3(b) on Form 8-K filed on January 25, 2022)                                                                                                                                                                                                                                                                                                                                                                               |
| 2.2  |   | Warrant Agreement, dated January 20, 2022, by and between HCM Acquisition Corp and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.4 to Form 8-K filed on            January 25, 2022)                                                                                                                                                                                                                                                                                                                                                   |
| 4.1  |   | Initial Business Combination Agreement, dated March 13, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A. DE C.V., Elías Sacal Cababie, ES Agrupación, S.A. de C.V., Murano Global B.V., MPV Investment B.V.,            and Murano Global Cayman (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on March 15, 2023)                                                                                                                                                                                                                                             |
| 4.2  |   | Amended & Restated Business Combination Agreement, dated August 2, 2023, by and among HCM Acquisition Corp, MURANO PV, S.A. DE C.V., Elías Sacal Cababie, ES Agrupación, S.A. de C.V., Murano Global B.V., MPV            Investment B.V., and Murano Global Cayman  (incorporated by reference to Exhibit 2.1 to the Form 8-K filed on August 7, 2023)                                                                                                                                                                                                                        |
| 4.3  |   | Amendment to the Amended & Restated Business Combination Agreement, dated December 31, 2023, by and among HCM Acquisition Corp, and MURANO PV, S.A. DE C.V. (incorporated by reference to Exhibit 2.1 to the            Form 8-K filed on January 5, 2024)                                                                                                                                                                                                                                                                                                                                    |
| 4.4  |   | Second Amendment to Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 on the Form 8-K filed on January 23, 2024)                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 4.5  |   | Registration Rights Agreement, dated January 20, 2022, by and among the HCM Acquisition Corp, the Sponsor and the Underwriter (incorporated by reference to Exhibit 10.2 on Form 8-K filed on January 25, 2022)                                                                                                                                                                                                                                                                                                                                                                                   |
| 4.6  |   | Sponsor Support Agreement, dated August 2, 2023, by and among HCM Investor Holdings, LLC, the other holders of HCM Class B Ordinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference to Exhibit 10.1            to the Form 8-K filed on August 7, 2023)                                                                                                                                                                                                                                                                                                                            |
| 4.7  |   | Amendment to Sponsor Support Agreement, dated December 31, 2023, by and among HCM Investor Holdings, LLC, the other holders of HCM Class B Ordinary Shares, and Murano PV, S.A. de C.V. (incorporated by reference            to Exhibit 10.1 to the Form 8-K filed on January 5, 2024)                                                                                                                                                                                                                                                                                                           |
| 4.8  |   | U.S. dollar-denominated syndicated secured mortgage loan agreement, dated October 4, 2019, among Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo,            Caixabank, S.A. Institución de Banca Múltiple, Sabadell, S.A. Institución de Banca Múltiple and Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (the “2019 Sabadell Loan Agreement”) (incorporated by            reference to Exhibit 10.7 to the Form F-4 filed on January 30, 2024) |
| 4.9  |   | Peso-denominated loan agreement, dated as of October 16, 2019, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by reference to            Exhibit 10.8 to the Form F-4 filed on January 11, 2024)                                                                                                                                                                                                                                                                                                            |
| 4.10 |   | Amendment to the 2019 Sabadell Loan Agreement, dated August 24, 2023 (incorporated by reference to Exhibit 10.9 to the Form F-4 filed on January 30, 2024)                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 4.11 |   | Lease Agreement, dated February 3, 2023, between Arrendadora Finamo, S.A. de C.V., as lessor, and Murano World (incorporated by reference to Exhibit 10.10 to the Form F-4 filed on January 11, 2024)                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.12 |   | Amended and Restated Bancomext Loan Agreement, dated May 25, 2023, among Inmobiliaria Insurgentes 421, as borrower, Operadora Hotelera I421, S.A. de C.V. and Operadora Hotelera I421 Premium, S.A. de C.V., as            joint obligors entered into certain loan agreement with Banco Nacional de Comercio Exterior, S.N.C., Institución de Banca de Desarrollo, as lender (incorporated by reference to Exhibit 10.13 to the Form F-4 filed on January 11, 2024)                                                                                                                         |
| 4.13 |   | Grand Island I Hotel Management Agreement, dated September 10, 2019, between Operadora Hotelera G I, S.A. de C.V. and AMR Operaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.14 to the Form            F-4 filed on January 11, 2024)                                                                                                                                                                                                                                                                                                                                    |

----

| 4.14 |   | Amendment to Grand Island I Hotel Management Agreement, dated July 11, 2023, between Operadora Hotelera G I, S.A. de C.V. and AMR Operaciones MX, S. de R.L. de C.V. (incorporated by reference to Exhibit 10.15 to            the Form F-4 filed on January 11, 2024)                                 |
|------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.15 |   | Hyatt Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421, S.A. de C.V. and Hyatt of Mexico, S.A. de C.V. (incorporated by reference to Exhibit 10.16 to the Form F-4 filed on January            11, 2024)                                                                |
| 4.16 |   | Mondrian Hotel Management Agreement, dated May 11, 2022, between Operadora Hotelera I421 Premium, S.A. de C.V. and Ennismore Holdings US Inc. (incorporated by reference to Exhibit 10.17 to the Form F-4 filed on            December 1, 2023)                                                        |
| 4.17 |   | Loan Agreement, dated as of March 29, 2023, by and among Murano World, S.A. DE C.V., as borrower, and ALG Servios Financieros Mexico, S.A. DE C.V., Sofom E.N.R, Sofom, as creditor (incorporated by reference to            Exhibit 10.18 to the Form F-4 filed on January 11, 2024)                  |
| 4.18 |   | Amended and Restated Lease Agreement, dated October 10, 2018, by and among Inmobiliaria Insurgentes 421 and Operadora Hotelera I421, S. A. de C.V. (incorporated by reference to Exhibit 10.19 to the Form F-4 filed            on January 11, 2024)                                                   |
| 4.19 |   | Second Amendment to Peso-denominated loan agreement, dated February 14, 2023, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by            reference to Exhibit 10.20 to the Form F-4 filed on January 11, 2024) |
| 4.20 |   | Third Amendment to Peso-denominated loan agreement, dated December 11, 2023, between Fideicomiso Murano 2000 and Banco Nacional de Comercio Exterior, S.N.C Institución de Banca de Desarrollo (incorporated by            reference to Exhibit 10.21 to the Form F-4 filed on January 30, 2024)  |

| 4.21 |   | Counter Guarantee dated as of September 11, 2019, executed by Operadora Hotelera GI, S.A. de C.V. in favorof AMR Operaciones MX, S. de R.L. de C.V.†                                                                   |
|------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.22 |   | Counter Guarantee, dated as of August 23, 2021, executed by Operadora Hotelera Grand Island II, S.A. deC.V. in favor of AMR Operaciones MX, S. de R.L. de C.V.†                                                        |
| 4.23 |   | Memorandum of Understanding, dated as of March 30, 2023, by and among Elías Sacal Cababie, Murano World, S.A. de C.V., Operadora Hotelera GI, S.A. de C.V., and Operadora Hotelera Grand Island II, S.A. de C.V.† |
| 4.24 |   | First amendment to the Counter Guarantee, dated as of September 11, 2019, executed on March 30, 2023†                                                                                                                  |
| 4.25 |   | First amendment to the Counter Guarantee, dated as of August 23, 2021, executed on March 30, 2023†                                                                                                                     |
| 4.26 |   | Second amendment to the Counter Guarantee, dated as of September 11, 2019, executed on August 22, 2023†                                                                                                                |
| 4.27 |   | Second amendment to the Counter Guarantee, dated as of August 23, 2021, executed on August 22, 2023†                                                                                                                   |
| 8.1  |        | Subsidiaries of the registrant (incorporated by reference to Exhibit 21.1 to the Form F-4 filed on November 8, 2023)                                                                                                         |
| 15.1 |   | Unaudited Pro Forma Condensed Combined Financial Statements of Murano†                                                                                                                                                 |

| † | Filed herewith                                                                                                                                                        |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| #       | Certain schedules, annexes and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K, but will be furnished supplementally to the SEC upon request. |

----

|      | MURANO GLOBAL INVESTMENTS PLC |
|--------------------------|-------------------------------|
|                |                          |   |
| Date: March 27, 2024     | By:                           | /s/ David Galan |
|      | Name:                         | David Galan |
|      | Title:                        | Chief Financial Officer |

----