Justin Knight: Maybe we’ll work backwards with those questions, and certainly to the extent we be able to address any of them, feel free to raise them. And I’ll start maybe, Liz, can chime in. But speaking to the types of leisure business that we have in our hotels, given the broad diversification of our portfolio that varies somewhat by market. But broadly speaking, includes people who are travelling on vacation, and certainly we have certain assets, like our Virginia Beach assets, or the hotels that we own in Portland, Maine, that see a greater percentage of leisure travelers travelling for vacations. But outside of that, we see significant leisure travel associated with major family events, like weddings, and a tremendous amount of sports team related business.
And outside of that there are a number of other categories. But broadly speaking, those tend to be the biggest leisure demand drivers for our portfolio. Looking at demand across our portfolio, and I think, partly, perhaps, because we’re not solely dependent on vacation goers, for leisure travel, we’ve seen stability in occupancies. Looking at the past 3 or 4 months, together on the weekends, and I think reflecting continued strength and demand there. Obviously, we saw meaningful improvement early in the recovery in leisure travel, which propped up our weekend occupancies and even push them beyond pre-pandemic levels. Those occupancies have held relatively stable with obvious variations from market-to-market, and it put us in a position to continue to drive rate.
so looking at RevPAR specific to the weekends, in the quarter we continue to see growth and even as we push past the quarter into July. And I’m trying to remember what your first question was now that I’ve worked backwards to the other three.
Tyler Batory: Yes, just maybe ballpark the percentage of your transient guests that you would consider leisure versus corporate?
Justin Knight: Yes, I think we still estimate right around 50-50 split, which skews heavier to leisure than our business was pre-pandemic. And a portion of that, I think, is a shift in the makeup of our portfolio. But more significantly, I think that mix continues to be influenced by the higher weekend occupancies that have been maintained even as we’ve moved into the year.
Tyler Batory: Okay, that’s all for me. Appreciate that detail. Thank you.
Justin Knight: Thanks.
Operator: The next question comes from Anthony Powell with Barclays. Please go ahead.
Anthony Powell: Hi, good morning. I guess a question on supply growth. As we know, it’s going to be pretty limited in most of your markets in the next couple years. But it seems like you’re able to do some developer deals like Motto in Nashville, I guess. What do you think supply growth may pick back up across your markets? Is it ’24, ’25 or just broadly coming to that [indiscernible] helpful.
Justin Knight: I mean, I highlighted in my prepared remarks that we still have roughly 50% of our markets that don’t have any new supply under construction within a 5 mile radius of our assets. I think given time from start to completion, that pushes the potential for new supply in those markets out a couple of years, so beyond kind of the framework that you set. And then in the other 50, roughly 50% of our markets, we’ll have one or two assets generally under construction. And I think all of that meaningfully below what we saw pre-pandemic where roughly 70% of our portfolio had exposure. As we look at impediments to supply, there continue to be several. Certainly, some of the uncertainty from a cost standpoint has come out of the equation, meaning that developers and GCs are in a better position today, I think, to estimate costs, which have and we believe will continue to be higher than they were pre-pandemic.
