And then in your comments, you talked about um not doing some discretionary cost spends um this year and that sort of helped protect the EBITDA discretion tends to mean just not doing the costs yet um so could you just talk about what they are and whether we should then think about them being part of the cost base for next year sort of being pushed back thank you very much On the Japan deal, those are part of our master franchise agreement. So when we have those deals, the way the master franchise partnership works is we do sub-license our brands to local partners and then grow them. So the royalty rates will be slightly lower than where you would see both in the U.S. and the direct franchising market, but there are no costs to support it. So the EBITDA flow through is quite higher. So think in kind of the 1% to 2% range on the royalty rates for those hotels. But as I mentioned, no cost, so straight to an EBITDA flow through on those.

Aug 8, 2024 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2024-08-08 | transcript c2e83c85-b93c-4463-b03a-b5289388c95a | chars 50642-51590 | segment 51

We expect business travel in our key industry verticals to increase, fueled by the additional onshoring of the U.S. supply chain and significant nationwide investments from the infrastructure bill.

Nov 7, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-11-07 | transcript e011a741-7afa-486b-a2b1-dafb39ad944b | chars 7368-7565 | segment 7

Now, going forward, we expect to see continued tailwinds associated with the return of business travel Obviously, you know, when you look at it on a year-over-year basis, Choice's REVPAR has continued to outpace the industry and also outpace, you know, the Radisson business. So going forward, we expect that to be a tailwind for our REVPAR as well.

Nov 7, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-11-07 | transcript e011a741-7afa-486b-a2b1-dafb39ad944b | chars 46039-46388 | segment 46

Clearly, consumers continue to shift their spend towards travel experiences, and we are seeing that across all segments in which we compete. Not only do we expect these broader leisure trends to continue, but we also have seen continued strengthening of our business transient and group segments.

Aug 4, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-08-04 | transcript 77419ebf-c095-4ef6-a3bf-cb4f78847381 | chars 7618-7914 | segment 8

Recent studies indicate that leisure travel remains a high budget priority for American travelers, who are sticking with their travel plans and willing to make tradeoffs to make the trips possible.

Aug 4, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-08-04 | transcript 77419ebf-c095-4ef6-a3bf-cb4f78847381 | chars 7915-8112 | segment 8

The loyalty program members that we'll be adding, which is 10 million members that will be added to our 53, those skew business traveler, those skew higher income.

Aug 4, 2022 / receipt, needs a key / Pat Pacius, other | earnings call 2022-08-04 | transcript 77419ebf-c095-4ef6-a3bf-cb4f78847381 | chars 44349-44512 | segment 45

We are also investing to drive demand from all travelers through a new nationwide advertising campaign centered on choice hotels serving as the base for our guests to have great experiences at their destinations.

May 10, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-05-10 | transcript 1a87d236-5350-4f93-b0be-d53778ab0046 | chars 8173-8385 | segment 8

The rate of workers retiring in the U.S. has more than tripled as compared to pre-pandemic levels, and the baby boomers, one of our key customer segments, have more time and disposable income to travel.

Feb 16, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-02-16 | transcript 8c68d8ed-3690-4303-bd3f-6c9861048c66 | chars 3844-4046 | segment 4

In addition, domestic remote workers, whose number is expected to increase from a pre-pandemic level of 19 million to 41 million in the next five years, will have greater flexibility as to when, where, and for how long they travel for leisure.

Feb 16, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-02-16 | transcript 8c68d8ed-3690-4303-bd3f-6c9861048c66 | chars 4047-4290 | segment 4

We expect business travel in our key industry verticals to increase with the additional onshoring of the U.S. supply chain.

Feb 16, 2022 / CEO / receipt, needs a key / Pat Pacius, CEO | earnings call 2022-02-16 | transcript 8c68d8ed-3690-4303-bd3f-6c9861048c66 | chars 4996-5119 | segment 5