We expect a billion to 1.1 billion of investment spending in 2025. There are three major areas of expected spending that are each around a third of this total. The first bucket, is another year of higher than historical investment in technology. Over half of this investment is associated with the multi-year transformation of our property management, reservations, and loyalty systems, the overwhelming portion of which is expected to be reimbursed over time. The second bucket is spending for our owned lease portfolio. This spending is expected to be above historical levels in 2025, with about half of the expected investment driven by the completion of renovations on the Elegant portfolio in Barbados, as well as renovations on a handful of other hotels. We expect to sell the Elegant portfolio after renovations are complete, subject to long-term contract to remain in our system. The last bucket is expected investment in our contracts, largely for new units as we continue to expand our global portfolio.

Feb 11, 2025 / CFO / receipt, needs a key / Leni Oberth, CFO | earnings call 2025-02-11 | transcript 860eab21-408d-4191-9cbb-9ecbf0609d68 | chars 13924-14937 | segment 13