And things like travel are clearly off. I guess it was Expedia that reported. And then Airbnb. And we've seen the travel numbers. The airlines have talked about their stress. as international travel in the United States dissipates. But it will go somewhere. So Canadians will go to Europe or they'll go to the Caribbean. They may not come here. They're the number one tourist in the United States. And the Europeans will probably stay in Europe and frequent Greece and other locations rather than come to visit us.

May 9, 2025 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2025-05-09 | transcript a80efca8-bc0a-4ab9-9eed-ae67852562a3 | chars 17233-17747 | segment 17

They've hired everyone back that they didn't have, so margins are I would expect the leisure travel to weaken. It already is in the United States, not so much so in Europe yet. But we have a good margin of safety, and we've had some of our hotel loans paid off.

Nov 8, 2023 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2023-11-08 | transcript 417d935e-db3d-4b5f-a256-e15b39b4ffe3 | chars 26697-26958 | segment 26

The service sector remains strong, there's no doubt. The travel remains strong. We'll see how long this can continue, but it does defy most logic, and obviously employment is solid, and that is what's keeping the economy alive, but the Fed seems adamant to increase unemployment, and so you see this inverted yield curve.

May 4, 2023 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2023-05-04 | transcript ab15f99e-e5f0-4e66-b9cb-696990735efe | chars 23152-23473 | segment 23

Hotels are at record high occupancies and rates. You saw Marriott's earnings this week. Hilton reported earlier in the week. Business travel remains good. Leisure travel remains good.

May 4, 2023 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2023-05-04 | transcript ab15f99e-e5f0-4e66-b9cb-696990735efe | chars 24192-24375 | segment 24

So the only place you really hurt the economy is in the service sector, which would be retail, travel, airlines, and things of that such.

Mar 1, 2023 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2023-03-01 | transcript 3013b60f-b43f-49f1-9337-7026c88c477a | chars 18670-18807 | segment 18

We're a little concerned that that's sort of the Super Bowl effect, extended summer Super Bowl, people traveling, seeing friends, going to Europe with the dollar where it is.

Aug 4, 2022 / CEO / receipt, needs a key / Barry Sternlicht, CEO | earnings call 2022-08-04 | transcript 9433f803-235e-4df1-8fb0-a3a89d1d09a1 | chars 22136-22310 | segment 22