I think they're important to consider. I think one area where you would probably see us, maybe if I cut the answer a little differently, is we likely remain more unencumbered or not brand managed. I think we feel like we appreciate the flexibility of having independent management from the brands, and I think we feel like we have more success from that standpoint. But we do have a lot of branded hotels in our portfolio, predominantly franchised, and I think we're very happy with them So I don't think there's any desire to necessarily move away from those. I think it ultimately, as I said, really just comes down to a choice for each asset.

May 3, 2024 / CEO / receipt, needs a key / Jeff Donley, CEO | earnings call 2024-05-03 | transcript 1c708495-a655-49ff-b353-e750412cc15e | chars 54549-55194 | segment 55