And fourth, ZN's portfolio of high-quality hotels and resorts will continue to benefit from diminishing levels of new competitive supply as the environment for new hotel development remains challenging. Based on the most recent data from Lodging Econometrics, weighted room supply growth in our submarkets is expected to be just 1.2% in 2023 and 1% in 2024. This represents a meaningful reduction in growth from about 3% annually just a few years ago. As for the transaction environment, we believe we are very well positioned to remain opportunistic as it relates to potential future acquisitions. We continue to look at opportunities that meet our criteria, including top 25 markets and key leader destinations. However, we are willing to be patient as the overall environment continues to evolve and as we evaluate whole avenues to drive shareholder value.

May 2, 2023 / CEO / receipt, needs a key / Marcel Robas, CEO | earnings call 2023-05-02 | transcript 540f2dc4-7333-4dbd-bde8-03ed13c5889a | chars 9450-10309 | segment 9