Belmond Ltd. is a hotel company and an adventure travel operator. The Company operates in six segments: owned hotels in each of Europe, North America and Rest of World, part-owned/managed hotels, owned trains and cruises, and part-owned/managed trains. As of June 30, 2014, its hotel portfolio consisted of 35 deluxe hotels, 29 of which were wholly or majority owned or, in the case of Belmond Charleston Place, Charleston, South Carolina, owned by a consolidated variable interest entity. 11 of the owned hotels are located in Europe, five in North America and 13 in the rest of the world. Belmond also owns the stand-alone restaurant �21� Club in New York. It operates remaining six hotels under management contracts. It has equity interests in five of the managed hotels. Belmond's owned trains and cruises segment consists of four tourist trains, two river cruise ships and five canal boats. The part-owned/managed trains segment operates Peru Rail and Eastern & Oriental Express.