Justin Knight: And in terms of permanent financing for individual assets, and the pricing of that, some of it depends, and it was unclear from your question whether you’re talking about what we might be able to do versus what others in the marketplace might be able to do. But important to note that on the margin, our borrowing costs are lower on average than those we’re competing with, which is part of what that and the ready access to the capital has put us in an advantageous position from an acquisition standpoint. Then actual pricing will depend largely on the borrower at this point and the assets specifically, and the amount of leverage relative to value. But relative to our incremental borrowing costs, that would put others probably 100 to 200 basis points higher.
Anthony Powell: And maybe one more on some of your leisure focused market, maybe Virginia Beach and maybe Melbourne, Florida, those are down in the quarter like other leisure markets across the industry. Do you see that stabilizing as we get into 2024, or is there a bit more, I guess, normalization there assumed?
Justin Knight: When we look at overall leisure trends, they vary by market. And certainly, you’ve highlighted a couple of markets where we saw meaningful increases in performance relative to where those markets that performed pre-pandemic. As they pulled back from a portfolio standpoint, they’ve largely been offset by improvement in leisure and/or business travel elsewhere, such that we’ve been able to maintain growth in our overall portfolio numbers. Having been in markets like Virginia Beach for an extended period of time, that market has and we anticipate will continue to vary from an absolute performance standpoint year-over-year, based on things that are as unpredictable as weather on weekends. And I think, overall, based on what we’re seeing from a new supply standpoint, we continue to be bullish about the long-term prospects for those markets, and I think see them, nearly without exception, stabilizing and growing from a starting point well above where they were prior to the pandemic.
But the actual level will vary a little bit from market to market.
Liz Perkins: And for context, we dropped the 2019 comparisons in the release, but they’re still up meaningfully to 2019. For the quarter, Virginia Beach was up over 12%, it was 13% and Melbourne was up 7% to 2019 for the quarter.
Operator: There are no further questions at this time. I would like to turn the floor back over to Justin Knight for closing comments. Please go ahead.
Justin Knight: I’d like to thank you for joining us today. It’s always a pleasure having the opportunity to speak with you. We hope that as you travel, you’ll take an opportunity to stay with us at one of our hotels, and we look forward to talking to many of you next week, out in California.
Operator: This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation, and have a great day.
