Can you talk about how you guys evaluate a good market for hotels? Are you looking at more business travel type locations or vacation types? Just any color you can give there would be helpful. Thank you.

Feb 21, 2024 / receipt, needs a key / Chris Mueller, analyst | earnings call 2024-02-21 | transcript 33879298-fdbb-4f1d-96de-4252edd23209 | chars 14493-14696 | segment 14

Yeah, sure. So the two that we did, I wouldn't say they were business hotels. They certainly had significant demand generators. which clearly is what you want to see for a hotel. The one that we did in Anaheim was extremely well located and close to Disneyland. So that was really the primary driver there. The transaction that we did in Scottsdale was um very close to the mayo clinic which is uh undergoing rapid development and um expansion there in that particular market so that was a significant demand driver there as well so we're not um they were not business focused but more leisure or necessity-based travel i guess is the way to look at that um and point of reference on those two loans both of those loans There was no future funding on those loans.

Feb 21, 2024 / receipt, needs a key / Tom Lorenzini, President and Chief Investment Officer | earnings call 2024-02-21 | transcript 33879298-fdbb-4f1d-96de-4252edd23209 | chars 14697-15460 | segment 14