Yeah, I guess I would say that, you know, when you think about the hotels, I mean, you know, if they're independents, we don't really have to run it by anybody. That's what we want. Okay, that's fair. Yeah. it doesn't matter. I mean, now, that said, you know, we do have folks managing those hotels, and we always want their feedback on whether or not we're spending appropriately. You know, and as it relates to franchise or manage, I don't know, Justin, if you want to chime in, but, you know, we do look at brand standards, but, you know, you see those, they're guidelines, effectively, and you're trying to manage to timing the expenditure and the magnitude, and as I talked about in remarks, like, you know, emulating the design standard, but you don't have to do it precisely with, you know, the exact nightstand or the exact lamp that they want. There's ways that you can sort of value engineer that and sort of deliver the refined experience that they're looking for, but, you know, do it more cost-effectively rather than just strictly following their literal blueprint, if you will.

Feb 27, 2026 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2026-02-27 | transcript 8abbed03-09e0-44b6-b0c7-bc0ea728b331 | chars 47303-48395 | segment 46

Thanks, folks, and we look forward to seeing you all on the road, and we'll be certainly meeting with many of you at the Citigroup Real Estate Conference next week. Safe travels.

Feb 27, 2026 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2026-02-27 | transcript 8abbed03-09e0-44b6-b0c7-bc0ea728b331 | chars 51014-51192 | segment 50

Our direct exposure to foreign travelers is low, Nevertheless, foreign visitation to the U.S. will likely be softer than initial expectations, and it is not clear whether the incremental demand from U.S. travelers will be sufficient to backfill this potential gap.

May 2, 2025 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2025-05-02 | transcript 3fdf23cc-f700-4d97-aaf8-9cce055bf9be | chars 11113-11377 | segment 11

We introduced a destination fee for a food and beverage credit that guests can redeem in the hotel. Fourth quarter other income is up about 80% over the prior year, and we continue to see REVPAR increases. Recall, we reduced the scope of our renovation here, eliminating the addition of a lobby and pool area F&B outlet to enhance the overall ROI.

Feb 28, 2025 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2025-02-28 | transcript 6096b05d-f536-4d8d-8711-14f127c8e707 | chars 8227-8574 | segment 8

It's definitely more of a negotiation, but I think we've seen our brand partners be a little bit more willing than they were pre-pandemic. I think there's definitely a recognition that fundamentals in some of these hotels has not returned nearly as fast as the cost of renovations have. So I think we are starting to see some more willingness and flexibility on renovation cycle times and ultimate scope.

Nov 8, 2024 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2024-11-08 | transcript cf6a0563-0dcd-40dc-ba52-817f801adf15 | chars 31769-32173 | segment 32

We also need to be flexible and cater our investment strategy to the local environment. For instance, in some markets, urban markets, an upscale hotel may be far more lucrative over the long term than an upper upscale product, given the similar profit per key but reduced capital scope.

Aug 2, 2024 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2024-08-02 | transcript 7f1b8dc8-3143-45e9-a7bf-cc19b42b6620 | chars 13444-13730 | segment 13

We had previously expected to spend about $13 million to renovate the 220 rooms and re-concept the lobby and pool areas to create new F&B outlets. The rationale for the original budget was based upon the expectation the expenditure would justify the implementation of an urban amenity fee, capture incremental market share, and drive incremental F&B outlet profit. Since conception, we have asset managed the hotel to gain significant share, and we now believe it is prudent to reduce the scope of the capital plan to focus exclusively on renovating the rooms product.

Aug 2, 2024 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2024-08-02 | transcript 7f1b8dc8-3143-45e9-a7bf-cc19b42b6620 | chars 9864-10432 | segment 9

At our hotels, we are working to reduce our capital expenditures as a percentage of revenues through thoughtful scrutiny of what truly creates cash flow and value.

Aug 2, 2024 / CEO / receipt, needs a key / Jeff Donnelly, CEO | earnings call 2024-08-02 | transcript 7f1b8dc8-3143-45e9-a7bf-cc19b42b6620 | chars 11674-11837 | segment 11

Jeff, you know, I think you guys still have about 13... independent hotels in the portfolio and i'm curious as to whether there's you know been any recent kind of thought on branding any of them i realize there are a lot of markets where you know the demand is is kind of self-sustained and they're recognizable but you know as i see some of the hotels that the brands are letting in frankly to the soft brands it kind of makes me wonder whether you you know is there something you're you're leaving on the table there No. I would say definitely not. I think there's a lot of focus that people pay to the top line, but look to the Dagny. I know that's one where we went the other direction. We exited a hotel system, and we've said up front that that's one where we could shed potentially 8%, 10% of top line revenue leaving the system, but you will also gain back a significant amount of expense, and that's That decision was really based on that sort of middle of the P&L, if you will, to drive bottom line profit. And so far, we continue to be on plan with that. So I guess I would tell you that our job as owner is really to drive profit, not top line revenue. And so I hear you that there is an opportunity there to collect a check. But typically, the key money checks, I think if you speak to the brands, they tend to expect mid-teen IRRs on that money, which means it's not cheap.

Aug 2, 2024 / CFO / receipt, needs a key / Jeff Donnelly, CFO | earnings call 2024-08-02 | transcript 7f1b8dc8-3143-45e9-a7bf-cc19b42b6620 | chars 36658-38045 | segment 37

Midweek occupancy, a key indicator of the return of the business traveler, was a high 81% in June. We are pleased to see this snap back in business travel, which exceeded our expectations for the quarter. Business transient occupancy continues to show steady recovery with the occupancy contribution increasing from 25% of pre-pandemic levels to roughly 50% of normal in the second quarter.

Aug 4, 2022 / CFO / receipt, needs a key / Jeff Donnelly, CFO | earnings call 2022-08-04 | transcript 3248e59a-780e-4be6-9b3b-5933d584de0a | chars 13748-14138 | segment 14