Austin Wurschmidt: Great. Thanks, Liz.
Liz Perkins: Certainly variations on the high and low end from that, but …
Operator: The next question comes from Dori Kesten with Wells Fargo. Please go ahead.
Dori Kesten: Thanks. Good morning. As your occupancy continues to rise in the second half, are you still comfortable with your current staffing levels?
Justin Knight: Generally, yes. When we look across our portfolio, and obviously there are variations by market, we’ve been able to largely re-staff our hotels, to levels that we feel comfortable with, given the adjustments that have been made to overall brand standards. And, I think, on the margin, incremental occupancy should lead to some productivity gains as we have greater utilization of existing staff. The trick for our portfolio is it’s a blend. And so certainly within that portfolio, we have some markets that have been slower to rebound that are just now beginning to see more significant increases in occupancy and obviously in those markets. We will be hiring to accommodate the incremental demand, but by and large we see our portfolios being stable. And for that reason, we’ve highlighted that we expect overall expense growth to begin to moderate as we move into the back half of the year.
Dori Kesten: Okay. And, I mean, you have a history of acquiring portfolios. But what’s your level of interest today? And are there any of interest out there?
Justin Knight: I think we continue to underwrite individual assets and larger portfolios, that the most significant governor for us is debt with our existing portfolio. And so as we look at larger portfolios, we’re looking or narrowing our focus to those portfolios that provide product and market concentration that fits well with the portfolio that we currently owned. So I think we’re most interested in a subset of the potential transactions that happen there. In the near-term, I think, we continue to assume that the bulk of the transactions that happen in the overall market and certainly the bulk of transactions that we will be involved in will be smaller transactions, either involving individual assets or smaller portfolios less than 10 hotels.
But as we continue to move through the next several months, that could certainly change. Generally speaking, larger portfolios come to market when the financing environment is more supportive of them. But the challenges in the financing market could also drive some of those larger portfolios to market as groups are looking at refinancing at higher cost. So, I think our interest continues to be there. There are a number of portfolios that we feel would be reasonably good fits for our portfolio. And I think we’re uniquely positioned to pursue those as they become available.
Dori Kesten: Okay. Thank you.
Justin Knight: Thank you.
Operator: The next question comes from Tyler Batory with Oppenheimer. Please go ahead.
Tyler Batory: Hey, good morning. Thanks for taking my questions. There’s been a lot of focus on leisure travel in the past couple of days. And in the prepared comments, you mentioned that leisure travel continues to be strong. Any more details you could provide on that? What does weekend travel look like? What is pricing power look like? And then additionally, can you ballpark what percentage of your mix you would consider to be leisure transient right now? And if I could just squeeze in one more, most of your leisure demand, and I’m assuming it’s partially people on vacation. But I will also assume that you may have some different drivers than peers that have larger resort hotels. So if you could just talk about what really drives your leisure mix in your leisure travel, I think that would be helpful, too. Thank you.
