Yeah, on the GOP side, it doesn't include taxes, although property taxes are, you know, they go up meaningfully and will impact EBITDA margins. But on the GOP margin side, it's both wage increases given the inflation we're seeing. And also kind of a recovery of staffing levels, again, in the pandemic, especially, you know, through the first three quarters of last year, staffing levels were very low at the hotels. And then we're, you know, continuing to see large increases in other costs as well. Things like utilities are up, you know, based on kind of our internal estimates, up about 13% next year or so. And then on the property insurance side, I think those are are expected to increase over 20% as well. So, you know, there's a lot of cost pressures.

Feb 23, 2023 / CFO / receipt, needs a key / Jeremy Wegner, CFO | earnings call 2023-02-23 | transcript a13eb6cf-535a-417f-9890-379af8bc3490 | chars 18953-19713 | segment 19

We are very encouraged by the improving operating trends we have seen in Q2, especially the continuing recovery we have seen in business travel, the growth that we expect the Austin and Destin acquisitions and the Warner Center development to generate, and our ability to pursue additional growth opportunities given our strong balance sheet.

Aug 3, 2022 / receipt, needs a key / Jeremy Wegner, SVP and CFO | earnings call 2022-08-03 | transcript 139d0bbf-4c88-4aae-a5c3-1cdf8d60969b | chars 19722-20064 | segment 20

Based on feedback from our management companies' conversations with key corporate accounts and advanced bookings for Q2 2022 at some of our business transient focus properties, we are optimistic that business travel will start increasing in a meaningful way in 2022.

Feb 24, 2022 / CFO / receipt, needs a key / Jeremy Wegner, CFO | earnings call 2022-02-24 | transcript c085bea8-8305-436d-aed5-97e1b4610841 | chars 19209-19475 | segment 19